Shares of Netflix (NFLX.US) plummeted more than 10% at Friday's market open, marking the stock's steepest single-day drop since April 2022, with the price currently at $66.19.

The decline follows the company's second-quarter earnings report, released after Thursday's market close. Netflix posted Q2 revenue of $12.6 billion, a 13% year-over-year increase, with earnings per share of $0.80, aligning closely with average market expectations.

However, the company's outlook has intensified investor concerns. Netflix anticipates a second consecutive quarter of slowing revenue growth in Q3, projecting revenue of $12.9 billion and earnings per share of $0.82, both figures falling slightly below analyst forecasts.

Over the past year, the stock has declined by more than 40%, and the company's pursuit of acquiring Warner Bros. Discovery (WBD.US) alongside its financial trajectory has led to growing worries that the streaming leader is losing momentum.

During an analyst call, Chief Financial Officer Spencer Neumann stated, "We don't manage the business on a quarterly basis." He noted that Netflix currently reaches only about 45% of its addressable market and accounts for just 5% of global television viewing time, adding that the company expects to increase revenue by $6 billion this year.