Square Enix Drops After ‘Final Fantasy’ and Mobile Setback
- Company’s dour earnings report showed 79% profit drop
- Competition in mobile gaming seen as significant headwind
Square Enix Holdings Co. shares suffered their worst intraday drop in almost three years, erasing a little over a year’s worth of gains, after the company reported a 79% decline in operating profit.
Hopes that Final Fantasy XVI would boost sales were dashed by the company’s downbeat earnings report Friday, driving the stock down as much as 15% in Tokyo on Monday. Shares were trading at around ¥5,620 at midday, their lowest since May of last year. Both the Topix Index and MSCI AC Asia Pacific Index were up around 0.3%.
