Netflix just released its financial results for the second quarter of 2019 (PDF), and a number that jumps out is that its service grew by 2.7 million subscribers. That’s a problem for shareholders because in its last report, the company predicted it would be up about 5 million in Q2, and in the US it actually lost more subscribers than it added for only the second time ever, dropping by 130,000.

While any results tied to its juggernaut Stranger Things won’t show up until the Q3 report arrives in a few months, Netflix said “Our missed forecast was across all regions, but slightly more so in regions with price increases.” Another possible reason for the gap between expectations and reality is its big Q1 — the company experienced its second-largest period of subscriber growth ever with 9.6 million new customers.

Whatever the reason, Netflix’s letter is quick to make sure no one makes the mistake of attributing the gap to competition (which mostly hasn’t launched yet) or highly-viewed licensed content that will go away in the future like The Office.