Shares of streaming giant Netflix (NFLX Quick QuoteNFLX - Free Report) closed down almost 22% on Friday as investors digested its latest quarterly earnings report. NFLX declined as much as 24% earlier in the session.

Even though Netflix beat estimates on the top and bottom line, as well as expectations for user numbers, the company quietly conceded that other streaming competition has begun to impact subscriber growth.

“While this added competition may be affecting our marginal growth some, we continue to grow in every country and region in which these new streaming alternatives have launched,” the company said in its shareholder letter on Thursday.

Market watchers viewed this as a bold declaration since Netflix always dismissed their streaming peers in the past.

Wall Street is even feeling less confident about NFLX. KeyBanc Capital Markets analysts lowered their rating from Overweight to Sector Weight, while Piper Sandler analysts maintained an Overweight rating but cut its price target from $705 to $562 per share.

Netflix also just hiked prices in the U.S. and Canada last week—it raised the price of its standard plan from $13.99 to $15.49 a month, making it more expensive than HBOMax—which may now be a gamble that is trickier to pay off.

The company’s content, however, is still extremely popular. Six of the 10 most searched shows in 2021 were on Netflix, and it had the year’s biggest hit in Squid Game.

NFLX is a #3 (Hold) on the Zacks Rank, with a current market cap of $176 billion.