Premium streaming video is big business. Netflix, Inc. (NFLX) has established an empire based on the concept of letting people watch what they want, when they want to see it. Investors, however, are a little troubled by the company’s most recent earnings statement.

The firm recorded a loss of $0.08 per share ($5 million) on revenue of $870 million in the first quarter of 2012, beating expectations. Wall Street analysts had predicted revenues of $855 million, with a loss of $0.27 per share.

Meanwhile, the firm revealed it has 23.41 million domestic streaming subscribers, up from 21.67 million the previous quarter. The company previously told investors to expect a number in the range of 22.8 million to 23.6 million.

Netflix added in its statement that in the 90 days since launching in the U.K. and Ireland in January, it “had substantially more members than we had after the first 90 days of Canada or Latin America.”

Though Netflix previously suggested it could run at a loss throughout the year, it noted that it may turn a profit in the second quarter. Yet the revenue guidance is very light, as Business Insider notes, which may have been what pulled the stock price down 16 percent.

"We believe this is due to concerns over the company’s Domestic Streaming Net Adds outlook – 500K Net Adds in Q2 vs. the Street at 1.2MM. NFLX is, however, laying out an outlook for 7MM Domestic Streaming Adds in 2011,” said Citi analyst Mark Mahaney. “This is higher than our 5MM estimate, and we believe is in-line with or higher than most Street estimates. The issue is market skepticism that NFLX can reach this level given the June Quarter guide."

Revenue guidance for the second quarter is $820.5 million midpoint – lower than the $897 million midpoint expected by analysts. The company expects a $0.02-per-share gain, compared with -$0.17 projected by Wall Street.

In Q4 2011, Netflix announced profits of 64 cents per share ($35 million) on revenue of $876 million.