NEW YORK (TheStreet) -- Shares of Netflix, Inc. (NFLX) are down 3.72% to $458.83 in late afternoon trading following the video streaming company's poor reception in France after launching in six European countries this morning.
Netflix received criticism in France from politicians who worry about the growing influence of U.S. culture and business, as well as French film producers who said that it would be an "implosion of our cultural model" with the arrival of the U.S. company, ValueWalk reports.
French telecoms have denied allowing Netflix to offer its service through their triple play box, the most usual way in France to watch TV, ValueWalk added.
Separately, TheStreet Ratings team rates NETFLIX INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NETFLIX INC (NFLX) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."