Netflix shares are trading down more than 10% premarket after the company issued a third-quarter revenue forecast that raised concerns about its growth. That puts the streamer on pace for its biggest one-day drop in more than four years.

The fall prolongs a rough stretch for a stock that has been under pressure for weeks, trading at its lowest level since the fall of 2024.

The decline took off in earnest last year when Netflix was exploring a bid for Warner Bros. Discovery's studio and streaming service. That potential was viewed as a departure in strategy for a company that had long been focused on building its growth, rather than buying it.

Still, the stock has continued to fall even after Netflix lost out on the deal.

Netflix joins a list of other companies-including PayPal-whose stock soared during the pandemic and the following years, only to stumble as investors' attention turned to other areas of the market.