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Finance

Eidos shares plunge 25% on bad news

Fri 09 Jan 2009 9:37am GMT / 4:37am EST / 1:37am PST
Finance

Lower forecasting on slow Tomb Raider sales prompts huge investor sell-off

The earlier news that Eidos was lowering it revenue forecast on slower-than-expected Tomb Raider sales has prompted a huge sell-off of shares, causing the publisher's stock to plummet by 25 per cent shortly after the markets opened this morning.

The company's stock closed last night at 17.25 pence but opened this morning at 12.25 pence following the statement that revenues would be around GBP 20 million lower than expected.

At the time of writing the price had recovered slightly to 13 pence after over 750,000 shares were traded in the first hour of the day.

Shortly before Christmas the company changed its name from SCi to Eidos, with Time Warner increasing its holding in the company to around 20 per cent.

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