Netflix (NFLX) disappointed investors by missing its own Q218 estimates for US and international subscribers.

The bears’ reaction to that news was that the constantly growing international subscriber story is finally coming to an end.

The bulls’ reaction has been that this quarterly miss is a blip in the still valid long-term growth story.

I tend to agree with the bulls that there is still a lot of international growth ahead for Netflix. To explain why, let’s dive into the details around Netflix’s expansion into Canada 8 years ago and how it’s doing there. Their success in Canada offers a window into why they’re likely to continue to be successful in the other 190 countries they’ve expanded to in the past few years.