Netflix shares fell more than 10 per cent on Friday after the streaming giant warned of another quarter of slower revenue growth, raising fresh concerns that its years of industry-leading expansion may be losing momentum.

The sell-off intensified after Netflix announced it would further reduce the amount of performance data provided to investors. From 2027, the company will publish viewing-hours figures only once a year, down from twice annually.

The decision follows Netflix’s move last year to stop reporting subscriber numbers, removing another key measure used by investors to judge the health of the world’s largest paid streaming service.

The reduced transparency comes as Netflix faces mounting competition not only from Disney, Comcast and other traditional media companies, but also from YouTube, which continues to capture a growing share of television viewing.

“Whenever you take away a data point from investors when results aren’t as good as they have been, you will get punished by the market,” said Ben Barringer, head of technology research.

Netflix’s Valuation Adds To Investor Concern.

The company trades at almost 20 times its expected earnings over the next 12 months, compared with about 13.5 times for Walt Disney and 6.6 times for Comcast.

That premium reflects expectations that Netflix will continue outperforming its rivals. However, the company’s latest forecast placed both quarterly revenue and earnings below Wall Street estimates.

At least 18 analysts cut their Netflix price targets following the update. Despite the downgrades, the median analyst target remained about 40 per cent above the company’s closing share price on Thursday, suggesting many investors still believe Netflix has room to recover.