Netflix investors are spooked after the streaming service endured a sluggish quarter

The media giant picked up 2.7 million subscribers over the last quarter, half the 5 million it had forecast and well down from the 10 million who signed up during the first quarter.

It comes as rival companies such as Disney and Warner Bros plan their own services, and are stripping their content away from Netflix.

The company's stock plunged 12 percent after the numbers came out, which could lead to $18 billion in shareholder wealth being wiped off the company's value.