Tuesday, May 26, 2015Tuesday, May 26, 2015

Market sours on King Digital as Candy Crush sags

Published on Aug 14, 2014 3:39 AM

NEW YORK (AFP) - Shares of King Digital Entertainment plummeted to an all-time low on Wednesday as the British videogame developer's earnings suggested diminishing consumer taste for signature game Candy Crush Saga.

Near 1900 GMT, King Digital sank 23.1 per cent to US$13.99 following second-quarter results that Deutsche Bank described as a "crushing disappointment".

The share price hit its lowest level since the company launched its public offering in New York in March.

In its results on Tuesday, King said net income rose 31.3 per cent to US$165.4 million (S$206.5 million) compared with a year ago. But user results were tepid in some key areas compared to the prior quarter.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!