SeaWorld Entertainment’s earnings continue to be underwater.

The amusement park’s shares fell 9.4 percent Wednesday to $16.85 on disappointing earnings. The shares are now far off their $27 IPO April 2013 opening price.

SeaWorld — with its 11 theme parks — reported attendance was 8.4 million versus 8.9 million in the third quarter of last year, and revenue was $496 million compared with $538 million.

Attendance at rival parks, including Disney’s, meanwhile, is rising.

The company reported net income of $1.00 per diluted share compared with $1.34 a year earlier.

“While consensus had expected better results, clearly third-quarter numbers reflected…weaker summer trends which initially led the company to slash its guidance midway through August,” research firm MoffettNathanson said.

SeaWorld has hired advisers to help develop a $50 million cost-reduction plan, SeaWorld Chief Executive Officer Jim Atchison said on the earnings call.

The reductions, which will start immediately, will focus on behind-the-scene administrative functions and will not affect guests or employee safety, he said.

SeaWorld will divert some of the savings, about $10 million next year, into increased marketing for its namesake parks that have seen weaker attendance.

The Blackstone Group that bought SeaWorld in 2009 investing $1 billion has already realized $2.2 billion through dividends and stock sales.

Stephen Schwarzman’s firm now owns 22 percent of the stock.