(Bloomberg) -- U.K. gaming company Frontier Developments Plc said PC sales of “Jurassic World Evolution 2” were lower than expected, leading investors to bail on the stock.
Shares of AIM-listed Frontier plunged as much as 38% to 1,536 pence on Monday, the biggest one-day loss.
The Cambridge, England-based company lowered its sales guidance range for 2022. Jurassic World suffered from competition from other highly anticipated games being launched at a similar time, Frontier said, adding that sales of its space-themed “Elite Dangerous: Odyssey” game had been “more muted.”
“This is a disappointing update,” Citigroup Inc. analyst Thomas Singlehurst, who has a buy rating on Frontier Developments, said in a note. “We expect it to be poorly received.”
While Singlehurst maintained his 3,510 pence price target, analysts at Liberum and Jefferies cut their estimates.
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