Square Enix shares circle six-year low
Just months after it made a $200 million bid for Tecmo, RPG giant's share price slides 11 percent after earnings report delay.
The past week saw a series of game company earnings reports from Electronic Arts, THQ, Capcom, and Konami. Today, it was supposed to be Square Enix's turn, but the Final Fantasy XIII publisher decided yesterday to delay its earnings announcement until February 12.
Whatever the factors behind it, the delay had an immediate impact on Square Enix's share price. On Thursday, its value plummeted on the news, closing at ¥1,972 ($21.45) on the Tokyo Stock Exchange. That was its lowest closing price since May of 2003, shortly after one-time competitors Square Co. and Enix Corporation merged. The stock rebounded somewhat on Friday, ending the day at ¥2,080 ($22.62).
This week's Square Enix troubles stand in stark contrast to last August, when the publisher's financial position allowed it to make a $200 million offer for Ninja Gaiden publisher Tecmo. Though Tecmo opted for a now-consummated union with Dynasty Warriors-maker Koei, Square Enix vowed it would look for other acquisitions. Whether it is still in the financial position to do so will be made clear by next week's earnings report.
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