Scalper1 News
King Digital Entertainment (KING) stock plummeted to an all-time low Wednesday, after the company late Tuesday reported that revenue from its hit game “Candy Crush Saga” is shrinking faster than expected and new games aren’t making up the difference. It’s a fate that other mobile video game makers have experienced in the hits-driven business.Zynga (ZNGA) has seen its fortunes shrink along with once popular games like “FarmVille” and “Words with Friends.” Zynga went public in December 2011 at 10, reached a high of 15.91 in March 2012, and now trades below 3. King Digital royally disappointed investors with second-quarter sales below forecasts. Earnings matched views, but the company cut its full-year guidance on diminishing returns from “Candy Crush” and announced a curious special dividend to appease shareholders. London-based King made its IPO debut on March 26, pricing its shares at 22.50. King stock peaked at 23.48 on… Scalper1 News
Scalper1 News