Candy Crush Saga publisher describes $1bn loss as ‘good result’
Smartphone games developer King, famous for its popular Candy Crush titles, has brushed off concern at a torrid first day of trading on the New York stock exchange, by claiming that the IPO was a ‘good result’.
Shares in the developer sank from their £22.50 opening to just $19 at the close of trading, wiping out $1bn of the firms value amidst investor fears that the firm is nothing more than a one hit wonder.
Dismissing this crash however King co-founder Riccardo Zacconi said it had been the ‘experience of a lifetime’, adding that the IPO was a ‘marathon’ and not a sprint.
Zacconi has netted a personal windfall from the move despite the fall but it has done nothing to dispel wider concerns that the tech industry may be heading for a wider correction, with analysts fearing that a fresh ‘tech bubble’ may be about to burst.
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