Investors may want to avoid Netflix (NFLX) for a while.

The stock just fell more than 20%, or $102.75 in after-hours trading.

All after an earnings and guidance mess that had investors running for the exits.

While the company added 8.28 million net new subscribers in Q4, which was just under expectations for 8.5 million, guidance sank the stock.  In fact, for the Q1, the company projected an addition of 2.5 million net adds, as compared to analyst forecasts for 5.7 million.

Worse, the company acknowledged that it’s facing big pressure from rivals.

In fact, as the company noted in its shareholder letter:

“Consumers have always had many choices when it comes to their entertainment time — competition that has only intensified over the last 24 months as entertainment companies all around the world develop their own streaming offering.  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.”

Also, while company revenues jumped 16% to $7.7 billion, profits fell 34% to $632 million.  However, the company said it expected this with the cost of new productions.  For the full year, Netflix’s revenue increased 19% to nearly $29.7 billion. Net income was $5.1 billion in 2021, compared with $2.76 billion in 2020.

With a good deal of selling pressure, it’s best to avoid the NFLX stock.