Shares of Netflix sank more than 10% on Friday after the company forecast a slower second quarter of revenue and scaled down viewership data, fueling fears that its industry-beating growth may be peaking.

The stock was near two-year lows in early trading, set to shave $35 billion off Netflix’s market value of about $313 billion if the losses persist.

In its latest disclosure pullback, the streaming giant has reduced the frequency of its viewing-hours report to twice a year starting in 2027, after scrapping subscriber numbers last year, leaving investors in the dark as the business faces more competition from traditional media as well as YouTube. “Anytime you take data points away from investors when the results aren’t that good, you’re going to be punished by the market,” said Ben Barringer, head of technology research at Quilter Cheviot.

Warner Bros.’ failed attempt at Netflix earlier this year has also raised doubts about the next phase of its growth amid slow adoption of the ad-supported streaming tier that the company has long touted as a major growth driver.

The stock has fallen 44% since hitting an all-time high in June 2025, including a decline of more than 20% this year. After a strong content slate in 2025 that includes the final season of its hit sci-fi series “Stranger Things” and South Korean drama “Squid Games,” analysts said the company also has a weak content line-up this year that could weigh on growth.

“Pulling back engagement reporting at a specific moment of engagement creates a strong ‘nothing to see here’ atmosphere,” said Mike Proulx, director of research at Forrester. Keeping subscribers hooked is crucial for Netflix as it has long traded at a premium to other media companies that command a smaller streaming subscriber base and grapple with the ongoing decline of cable TV.

Netflix trades at about 20 times expected earnings over the next 12 months, compared with 13.5 times for Walt Disney and 6.6 times for Comcast, underscoring the premium investor position on the streaming giant.

Still, at least 18 analysts cut their price targets after Netflix reported quarterly revenue and revenue that fell short of Wall Street expectations. The median target, however, remains about 40% above Thursday’s closing price.