It was never about traditional metric earnings. It was the rise of the subscribers that is the cause of driving the stock up. The reason is that the Netflix increase its market share instead of traditional TV and movies models of Media network. It is movies and TV in the online.
These kind of stock is so hard to valuate, because it doesn't go to the tradition metric of valuation. It is purely Price Action. It could go up 350x of the earning. Yet, the stock keeps going up.