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Eidos Shares Fall After Cutting Forecasts

Eidos PLC shares fell after the company reduced annual revenue forecasts by more than 10 percent.
Eidos shares fell more than 10 percent after the statement to a record low of 120-1/4 pence, but recovered some ground later to close down 5.15 percent at 129-1/4p, valuing the company at about 176 million pounds. Eidos said revenue was expected to fall to just under 120 million pounds ($171 million) for the year to the end of March -- below its earlier expectations of around 135 million pounds -- due to a delay in releasing some new games. The games company said its pre-tax loss would also widen to about nine million pounds, which is at the high end of market estimates. Analysts said Christmas trading in the European market proved disappointing for Eidos and rivals like Infogrames, compared to strong growth seen in the United States.

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