From BEN Latest News: www.benlatestnews.com
Follow us on Twitter: www.twitter.com/benlatestnews
-----Original Message-----
From: "BEN Latest News" <cwizard123@gmail.com>
Date: Fri, 28 Mar 2014 14:10:49
To: Ben Latest News<cwizard123.bennews2@blogger.com>; Ben Latest News<cwizard123.bennews3@blogger.com>; Ben Latest News<cwizard123.news@blogger.com>; 2Blogger Emails<cwizard123.world@blogger.com>; 2Blogger Emails<cwizard123.bennews4@blogger.com>; 2Blogger Emails<cwizard123.9janews@blogger.com>; 2go Number All Bloggers<cwizard123.aggey@blogger.com>; 2go Number All Bloggers<cwizard123.bsnm@blogger.com>; 2go Number All Bloggers<cwizard123.todaynews@blogger.com>
Reply-To: cwizard123@gmail.com
Subject: Wall Street thinks Candy Crush's time is already running out
King Digital Entertainment, makers of Candy Crush Saga, began life as a publicly-traded company earlier today, but it's not off to a great start on the New York Stock Exchange. While the company was initially priced at $22.50 per share, it opened at roughly $20.
According to Saxo Bank's Peter Garnry, time is of the essence for King. "King Digital is putting all its energy into finding the next game that can leave the company less reliant on cash-generator Candy Crush," said Garnry in a report. "Given what we have seen with other mobile games' trajectory in engagement, time is not King Digital's best friend."
Keep in mind that, during the last three months of 2013, Candy Crush accounted for roughly 80 percent of King's revenue. Though Candy Crush is a free download, King makes money off of in-game microtransactions. As such, investors are wary that King is simply relying on Candy Crush to ride the Wall Street wave, much like Zynga did with FarmVille back in 2011. Zynga suffered for it, shares have plunged by more than half since its initial public offering (IPO) back in 2011.
However, King CEO Ricardo Zacconi told CNBC that the company is focused on not having to solely rely on Candy Crush. "What we want to achieve is not to find another Candy Crush. That's not what we are here for," said Zacconi. "What we are here for is to build a portfolio of games. We want to build a network of players, of loyal players, who play out portfolio of games."
Also downplaying the lower-than-expected IPO is Rapid Ratings CEO James Gellert, who told Bloomberg that King is flexible enough to withstand the initial disappointment. "The market is focusing on whether Candy Crush can be replicated and the fact that they've had declining revenue over the past few quarters," said Gellert. "The company is really quite solid and is run in an efficient way that makes it well-positioned to be nimble."
At this point, it's to be determined whether King will avoid or suffer Zynga's similar fate.
(Image courtesy of Bloomberg)
From BEN Latest News: www.benlatestnews.com
Follow us on Twitter: www.twitter.com/benlatestnews
Friday, 28 March 2014
Home »
» Wall Street thinks Candy Crush’s time is already running out
Wall Street thinks Candy Crush’s time is already running out
16:47
No comments
Related Posts:
SPORTS NEWS: Judge rules tax fraud case against Messi will go aheadMADRID (Reuters) - A Spanish court will push ahead with the process of prosecuting Argentina and Barcelona forward Lionel Messi for alleged tax evasion despite a recommendation from the public prosecutor the charges be dismis… Read More
SPORTS NEWS: National Football League roundup(The Sports Xchange) - New York Jets first-round safety Calvin Pryor sustained a concussion in practice, coach Rex Ryan confirmed on Sunday.Ryan said the rookie was injured in a special teams drill on Saturday while blocking … Read More
SPORTS NEWS: Nibali's journey from Sicily ends in yellow in ParisPARIS - Thirteen years ago, Vincenzo Nibali packed his bags and left his home in Sicily to start the journey that led him to a triumphant ride on the Champs Elysees on Sunday as Tour de France champion.The 29-year-old Italian… Read More
SPORTS NEWS: Hall of Fame induction a Braves reunion(Reuters) - The National Baseball Hall of Fame induction ceremony had the feel of an Atlanta Braves reunion as pitching greats Greg Maddux and Tom Glavine were inducted on Sunday along with former manager Bobby Cox.Maddux and… Read More
NOLLYWOOD NEWS: CHECK OUT JOSEPH BENJAMIN LOOKING DAPPER IN A SHARP BLAZER!No doubt, Nollywood star, Joseph Benjamin, has an impeccable dress sense. The actor posted this picture on Instagram on Saturday, which shows him backstage at the Project Fame studios, looking dapper in a sharp blazer. We lik… Read More
0 comments:
Post a Comment