Netflix shares fell 8% in aftermarket trading after the company narrowed its revenue forecast for the year to between $51 billion and $51.4 billion. It previously forecast revenue in the range of $50.7 billion to $51.7 billion.

The company reported second-quarter revenue of $12.56 billion, in line with analysts' expectations. But investors are concerned Netflix's movies and shows are losing ground to short form video, said Jay Hatfield, CEO at Infrastructure Capital Advisors.

"People are getting addicted to their Instagram and YouTube," Hatfield said.