Mobile game maker King, producer of the Candy Crush and Pet Rescue titles, has seen its share price collapse by 22 per cent after reporting disappointing results for the second quarter.
King Digital Entertainment had expected to rake in between $2.25 and $2.35bn over the period – lower than the $2.55 to $2.65bn it had originally forecast.
Markets reacted badly to the news although King stress that they have a ‘strong’ line-up of games in production to offset an expected continued diminution of the Candy Crush brand.
Hope Cochran, King’s financial officer, said: “We expect Candy Crush will decline, but have a very strong tail and a long tail.
"We will be launching the Candy Crush sister title in [the fourth quarter], which will give more longevity to that title."
King reported quarterly revenue of $594m, a rise on the $456m it recorded this time last year.