July 17 (Reuters) - Netflix's ( NFLX ) shares tumbled 9.2% before the bell on Friday following another weaker-than-expected earnings forecast from the streaming major, deepening doubts about its ability to sustain growth momentum.

While the company has gone beyond its traditional subscription-driven model, relying on advertising, live content and price hikes to boost revenue per user, it has been locked in a battle for user attention with traditional media such as Walt Disney ( DIS ) and social media such as YouTube. The stock is down more than 44% since hitting an all-time high in June 2025.

"The story lacks excitement," said Jeffrey Wlodarczak, analyst at Pivotal Research Group.

Subscriber growth remains central to Netflix's ( NFLX ) business, he said, adding that younger audiences are increasingly gravitating toward free social media platforms over long-form content.

"We believe this will result in slower subscriber growth and attempts by the company to offset this via more aggressive price increases and investment in content."

The company forecast quarterly earnings per share and revenue below analyst estimates for a second quarter in a row, on Thursday, with at least 11 analysts lowering their price targets.

The streaming giant will also cut its twice-yearly release of a viewing-hours report to once a year starting in January 2027. It stopped publishing quarterly subscriber numbers in 2025.

The first half of 2026 did little to ease bearish concerns, and the second half's content slate is weaker compared to a year ago, fueling the bear case, according to Jefferies analysts.

Netflix's ( NFLX ) shares were trading at 19.92 times 12-month forward profit estimates, compared with 13.54 for Walt Disney ( DIS ) and Comcast's ( CMCSA ) 6.57.