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Shares tumble in Candy Crush stock launch

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Shares tumble in Candy Crush stock launch
Photo: Jessica Gow/TT
17:12 CET+01:00
King Digital, game makers behind the addictive app Candy Crush, was shunned by investors for a second day on Thursday after suffering a 15 percent share price drop in its Wednesday debut on the New York Stock Exchange.
 
The company, which was founded in Sweden but is now based in the UK, saw its stock trading as low as $18.25/share on Thursday morning before recovering slightly in midday trading.
 
But investors seemed to have lingering doubts about the trendy Swedish tech firm, which closed Wednesday at $19, down 15 percent from the opening price of $22.50
 
The "Candy Crash" marked the worst beginning for an internet company since November last year.
 
James Mackintosh of The Financial Times was unimpressed from the beginning.
 
"Frankly, if you fill the floor of the New York Stock Exchange with people dressed as large pieces of fruit, you should not expect a welcome," he wrote.
 
Head of King, Riccardo Zacconi, said he was still planning on celebrating the launch.
 
"I'm not focusing on the developments from just one day," he told the Dagens Industri newspaper. 
 
"My focus is on creating value for shareholders in the long term and I'm doing that by building a good company." 
 

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