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Candy Crush maker King beats analyst estimates on user growth
May 07, 2014 , 6 : 55 pm GST
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In this file picture taken on January 25, 2014, a man plays Candy Crush Saga on his Iphone. Photo - AFP
King Digital Entertainment Plc, maker of the
Candy Crush Saga
video game, reported first-quarter profit that beat analysts' estimates after it attracted more users for products such as Farm Heroes Saga.
Profit totaled 61 cents a share, excluding items, the Dublin-based maker of Saga-branded titles said today in a statement. That compared with the 57-cent average of 12 analysts' estimates compiled by Bloomberg. Sales rose to $606.7 million, beating the $593.6 million average estimate.
King, which fell 16 percent in its first day of trading in March after raising $500 million, is working to develop a wider assortment of games to avoid the decline that hit Zynga Inc., which relied too much on FarmVille for revenue.
Candy Crush accounted for 67 percent of King's revenue, less than the 78 percent recorded in the fourth quarter of 2013. Monthly unique users increased to 352 million from 101 million a year earlier.
In April, King said it will introduce a Chinese version of Candy Crush Saga, a puzzle game that features different colored candies, in partnership with Tencent Holdings Ltd.
King generates revenue when users purchase virtual items, such as extra lives or additional game content, to help complete levels. Its applications can be used on devices running Apple Inc., Google Inc. and Amazon.com Inc. software, and are available on computers through Facebook Inc.
The shares fell 1.5 percent to $18.76 yesterday in New York. The stock has fallen 17 percent from the IPO price of $22.50 in March.
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