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Midway shares drop 12 per cent

Value of Mortal Kombat publisher down 67.1 per cent compared to one year ago

Shares in Midway Games dropped 12 per cent on Monday, down 15 cents to USD 1.10.

According to Forbes, that's a drop of 67.1 per cent compared to its price one year ago.

Last month the company sold some of its accounts receivable to National Amusements – the company owned by Midway's Shari Redstone – in an effort to raise USD 40 million to help finance its Christmas line-up of games.

And only last week it decided to cancel some of it licensing agreements, halting production on a number of undisclosed future titles.

Midway now expects a third quarter net loss of USD 0.70 per share, compared to a previously estimated net loss of 0.49 per share.

For the last quarter, Midway reported losses of USD 34.8 million.

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Matt Martin avatar
Matt Martin: Matt Martin joined GamesIndustry in 2006 and was made editor of the site in 2008. With over ten years experience in journalism, he has written for multiple trade, consumer, contract and business-to-business publications in the games, retail and technology sectors.
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