Mixed ‘Arrested’ reviews sink Netflix stock
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SAN FRANCISCO (AP) – The hoopla surrounding the return of “Arrested Development” on Netflix’s Internet video service has dissolved into a letdown on Wall Street.
Netflix’s stock fell more than 6 percent Tuesday as investors reacted to critics’ mixed reviews of the first new “Arrested Development” episodes since the Fox broadcast network canceled the series seven years ago.
Netflix Inc. released all 15 episodes of the resurrected “Arrested Development” at the same time early Sunday.
Analysts insist it’s still too early to tell whether “Arrested Development” will be a hit or a flop.
Netflix had 29.2 million U.S. subscribers in March. The Los Gatos, Calif., 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.