Mixed reviews of new Arrested Development series spells bad luck for Netflix on Wall Street
Wednesday 29 May 2013
The hype surrounding the return of Arrested Development exclusively on Netflix has dissolved into a letdown for the streaming service's American stock value after a series of disappointing reviews.
Netflix's stock fell more than 6 per cent on Wall Street yesterday as investors reacted to critics' mixed reviews of the first new Arrested Development episodes since the Fox broadcast network cancelled the series seven years ago.
Netflix Inc. released all 15 episodes of the resurrected Arrested Development at the same time early on Sunday.
Analysts insist it's still too early to tell whether the series will be a hit or a flop.
Netflix had 29.2 million US subscribers in March and is aiming to snare an additional 30 million global subscribers in the next six or seven years. The California-based company is hoping positive buzz about Arrested Development will help add as many as 880,000 more customers by the end of June.
The stock closed at $214.19, down $14.55.
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