Square Enix stock price plummets after confirming 70% profit drop

Square Enix stock price

Not long after confirming a massive drop in profits, Square Enix stock prices have plummeted during the opening of Japan’s market today.

At the time of writing Square Enix stock prices have dropped over 15% within 30 minutes of the market opening (via Automaton Media), a plummet large enough to trigger a limit down and a subsequent halt on trading for the stock.

This massive plunge in stock value comes within a day of the company announcing a massive 70% drop in net revenue, roughly 14.9 billion yen (roughly $95.4 million USD). The shocking drop in profits was large enough for the company to also announce a massive shift to drop console exclusive games.

Despite the company seeing net sales rising 4% during the latest fiscal period, the massive drop in net revenue is mostly attributed to large budget titles like Final Fantasy VII Rebirth and Final Fantasy XVI falling short of their expectations.

Lastly, Square Enix also confirmed a massive 38.8 billion yen (roughly $248 million USD) extraordinary loss due to their shift in game development, which led to unannounced games being cancelled and written off as a whole loss.

Despite the extraordinary loss from cancelled projects, Square’s share value previously rose due to investors expecting to see the company post a net profit. The recent news, however, showed they still posted a massive net loss and thus share prices plummeted today.


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