Eidos... fail to hit targets
Despite interest from city types early this week, Eidos have announced turnover and profits down
Fair enough, we got it wrong. When we heard that city investors had been building the Eidos share price up early this week, we made the only connection we could, that the company had massive profits to announce, but due to delays in key releases such as Commandos 2, Gangsters 2, Startopia and Eden, the company actually suffered, with turnover and profits down on last year. Net losses for the nine months to December 31st also increased from £11.5m in the same period of 1999 to £68m. The cause of the excitement over Eidos stock is now unknown, but CEO Mike McGarvey told MCV that "Based on current market conditions the board believes these results to be satisfactory, particularly since turnover and profits for the three month period were ahead of expectations." Perhaps city traders put two and two together and made eight? Sales projections for this year have been revised significantly downwards as a result of "changes to the timing of certain key releases scheduled for the fourth quarter." McGarvey said. But what of million-selling smash-hit "Who Wants to be a Millionaire"? Suffice to say a million copies sold in the UK alone should lift even the most reckless out of the red. The key may lie with poor results overseas in the States, where even mega-hit Deus Ex sold poorly to a market saturated with mindless shooters and sports titles. Related Feature - WWTBAM to net Eidos record gains?
