King Digital Entertainment has suffered an extremely difficult debut on the stockmarket, tumbling 15.56% from its opening $22.50 asking price.
King suffered one of the biggest day-one losses in the last six months, despite the seemingly endless popularity of the game the developer is best known for, Candy Crush Saga. Observers have blamed the fact that Candy Crush accounted for over three-quarters of King's revenue for the last three months of 2013, worrying investors that the company might be a one-trick pony.
"Once you have a hit, it's hard to make a string of hits. How many bands were the Beatles?" Roger Kay, analyst at research firm Endpoint Technologies Associates told Reuters. "Also, there've been a lot of high priced IPOs and mergers and acquisitions (of late) and when valuations get frothy, investors get disappointed when returns don't measure up to expectations."
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