Eidos posted an operating loss of nearly $18 million dollars for the nine-month period ended December 31. Though Eidos had warned investors of the losses in January, the reports sent Eidos shares in London down as much as 14 percent. "On January 18, 2000 we issued a trading update in which we reported that the third quarter and full year results would be significantly below original expectations due to generally disappointing Christmas sales and product delays. These results are in line with the revised expectations," said Eidos chairman Ian Livingstone, "The Board continues to believe in its business model and the positive prospects for the entertainment software market in spite of the anticipated retail price pressure on the maturing platforms." Eidos has promoted Core Design managing director to the additional role of global head of development to better control internal and external product quality control.