Square Enix Shares Plunge

Square Enix Shares Plunge

Business

07 August 2023 13:38

Shares of Square Enix Holdings Co. experienced a significant intraday drop, the worst in nearly three years, leading to the erasure of more than a year's worth of gains. The drop was triggered by a reported 79% decline in operating profit. Square Enix President Takashi Kiryu explained that the latest installment of their long-running role-playing title did not meet the company's high-end sales expectations, as revealed during a post-earnings call with analysts.

Kiryu attributed part of the problem to the slow adoption of Sony Group Corp.'s PlayStation 5, which according to him acted as a limiting factor for sales. However, he noted that the situation has improved as hardware supply constraints have eased, and they plan to take measures to boost sales, expecting more people to use the PS5.

Tags: Square Enix

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Square Enix Shares Plunge

Business

07 August 2023 13:38

Tags: Square Enix

Shares of Square Enix Holdings Co. experienced a significant intraday drop, the worst in nearly three years, leading to the erasure of more than a year's worth of gains. The drop was triggered by a reported 79% decline in operating profit. Square Enix President Takashi Kiryu explained that the latest installment of their long-running role-playing title did not meet the company's high-end sales expectations, as revealed during a post-earnings call with analysts.

Kiryu attributed part of the problem to the slow adoption of Sony Group Corp.'s PlayStation 5, which according to him acted as a limiting factor for sales. However, he noted that the situation has improved as hardware supply constraints have eased, and they plan to take measures to boost sales, expecting more people to use the PS5.

Share:

Sources:

Report mistake   

Submit news   

Related news

View All

Fake Square Enix Merch Found in China

Square Enix has disclosed that a group of individuals is facing criminal charges for the distribution of fake merchandise in...

Drama

Jan 29, 2024

Square Enix Valuation on Decline

Since the release of Final Fantasy 16, Square Enix's value has plummeted by almost $2b. The decline in the company's...

Business

Sep 13, 2023

Valnet Acquires Polygon

Polygon, one of the most prominent video game and pop culture websites of the last decade, has been acquired by...

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Just a day after its significant legal victory over Apple, Epic Games has announced a new set of features...

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May 02, 2025

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