data-ad-format="auto">

'Candy Crush' dev King closed its first day on the market down 15.6%

by Mike Rougeau

March 26 2014

King's IPO debuted at $22.50 but fell by more than 15% by the end of the day.

Candy Crush "characters"—gigantic fruits and candies—swarmed the New York Stock Exchange, but their celebratory dancing proved premature. King's poor showing makes it the worst IPO of the year so far, according to CNBC reporter Carl Quintanilla.

Nevertheless, King CEO Riccardo Zacconi isn't worried. "The company has a great future," he told VentureBeat. "We are selling a very small amount of stock. We have been around for a long time. This is not unusual from what I have learned. I am super-confident." He added that he believes the company's growth is sustainable thanks to its unique approach to game development.

King has earned itself no small amount of ire lately, with accusations ranging from patent trolling to paying one studio expressly to copy another developer's game. King is even under investigation by the International Game Developers Association for its shady practices.

Whether or not all that controversy has anything to do with King's poor performance on the stock exchange today is pure speculation. Either way, Candy Crush and King's other games remain as popular as ever.

(Photo credit: CNBC)

For the best tablet game business news, sign up for the free Tablet Games Business newsletter.

Stay current on the best tablet games: Sign up for TabTimes' free iPad Games or Android Tablet Games newsletters.

Links & Apps

Share with: Comment   v

Free newsletters for more tablet news, insights, apps and tips



Comments

 

Latest in tablet games and productivity