Funcom shares tank following Secret World launch
Shares of studio on Norwegian Stock Exchange fall dramatically since new subscription-based MMO game's launch on Tuesday.
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The launch of Funcom's new massively multiplayer online role-playing game The Secret World this week was not a boon for the studio on the Norwegian Stock Exchange. Shares of the Oslo, Norway-based game company plummeted this week by almost 40 percent.
On Monday, July 2, Funcom shares were at a high point, selling for 17.4 NOK ($2.85). The shares then began to fall, hitting 16.4 NOK ($2.68) on Tuesday, dipping further to 15.7 NOK ($2.57) on Wednesday, and reaching a new low of 13.4 NOK ($2.2) yesterday. As of press time, Funcom shares have fallen further, down to 11.3 NOK ($1.85), an improvement over the day's low of 10.55 NOK ($1.73).
On the eve of the game's launch this week, Funcom CEO Trond Arne Aas stepped down from his role at the company, remaining with the firm as a strategic advisor to the board of directors, as well as chief strategy officer.
As of press time, Funcom had not responded to GameSpot's request for comment.
Originally announced for the Xbox 360 and PC in 2007, The Secret World is a subscription-based MMO game that posits an alternate universe in which a modern-day world has been torn asunder by the reemergence of magic and other occult activity. Players will join one of three occult factions and battle one another for control of strategic locations throughout the world, including Egypt, New York, and Seoul.
[CORRECTION] An earlier version of this story reported Funcom share figures in DKK instead of NOK. GameSpot regrets the error.