Netflix Inc. sees a more upbeat path ahead after two straight quarters of subscriber losses, but the company’s increasingly complicated story continues to give some analysts pause.

Shares of Netflix NFLX rose more than 5% in afternoon trading Wednesday, inching closer toward a $100 billion valuation — the streaming giant fell lower than that mark after projecting a loss of 2 million subscribers three months ago, and moved higher than $90 billion with Wednesday’s move. The streaming company beat that forecast with a loss of…