Netflix shares tumbled as forecast for third-quarter revenue and earnings on Thursday fell short of Wall Street targets and said it would cut ‌the frequency of viewing-hours reports as the company seeks new avenues of growth.

The streaming giant also said on July 16, it would reduce the frequency of reporting viewing-hour data as it explores new growth opportunities.

Shares of Netflix fell roughly 9%-11% after-hours trading to $67.99.

The sharp decline on Friday, July 17, wiped out substantial market value following the company’s mixed second-quarter earnings report released the previous evening.

While second-quarter results broadly met expectations, investors aggressively sold off the stock in response to a weaker-than-anticipated outlook for the third quarter and management's decision to scale back transparency on audience viewing metrics.

According to LSEG, Analysts had forecast $13 billion in revenue and diluted EPS of 84 cents.

The company led by Co-CEOs Ted Sarandos and Greg Peters said it expected $12.86 billion in revenue from July through September and diluted earnings per share of 82 cents.

Third-quarter projections "appear to reflect a combination of management caution and a naturally maturing growth profile, rather than any sudden deterioration in the business," PP Foresight analyst Paolo Pescatore said.

He added that they would "reinforce the view that Netflix remains strong but is entering a steadier phase of growth with considerably less room for error given the always-high expectations."

After years of rapid subscriber gains, Netflix is working to grow by building advertising, live events and video games.

The company's stock has lost about a fifth of its value this year as investors question how it will sustain growth.