Netflix (NFLX 1.74%) reported earnings yesterday after the bell, and Mr. Market's none too pleased; shares have fallen by as much as 5% today. Netflix only added 630,000 subscribers in the U.S., and that number came in well below investors' expectations. Does underwhelming growth suggest Netflix's content strategy is a failure, or is there more to this story? Motley Fool analyst Jason Moser examines the earnings and tells investors why it's not time to fret -- yet.