22nd Nov 2021 10:50
(Alliance News) - Frontier Developments PLC shares tumbled on Monday as the company cautioned that early PC sales of an eagerly-anticipated video game disappointed.
Shares in the Cambridge, England-based video games developer and publisher plunged 35% to 1,631.00 pence each on Monday morning in London.
Sales of Jurassic World Evolution 2 on the PC platform "have been lower than expected" over the initial period following its release.
"We believe this is potentially a short-term effect from a more crowded release window than expected, with a number of other highly anticipated titles launching in the same window. Simultaneous release on PlayStation and Xbox consoles of both digital and physical versions went ahead smoothly, and console sales numbers are largely as expected," Frontier Developments said.
The title will be its largest revenue contributor for the year ending May 31, Frontier said.
Elsewhere, sales of Elite Dangerous: Odyssey "have been more muted".
Due to slower PC sales of Jurassic World Evolution 2 and the "underperformance" of Elite Dangerous: Odyssey, the company lowered its full-year revenue guidance to GBP100 million and GBP130 million from GBP130 million and GBP150 million. Revenue in the previous financial year amounted to GBP90.7 million.
"The wide guidance range is indicative of the variability of outcomes across our whole portfolio as we approach the important holiday season (Thanksgiving and Christmas)," the company explained.
Frontier said it will closely monitor sales performance of all its games in the next six to eight weeks.
By Abby Amoakuh; [email protected]
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