This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Midway Games Guides Lower

SAN FRANCISCO -- Video game publisher Midway Games (MWY) warned that it will miss its financial expectations because of delays in the release of key titles this year and lower-than-expected sales of its latest game, BlackSite: Area 51.

For the third quarter, Midway expects to post a loss of 33 cents, wider than its previous guidance of a loss of 23 cents a share.

Excluding charges, it expects a loss of about 27 cents a share, compared to its prior estimate of 17 cents a share. Analysts polled by Thomson Financial were expecting a loss of 22 cents a share.

Revenue for the third quarter is likely to be $39 million, lower than its previous estimate of approximately $50 million. Analysts are expecting revenue of $51.7 million.

Midway attributed the shortfall to its decision to release its game, Stranglehold, for Sony's (SNE - Get Report) PlayStation 3 console in the fourth quarter rather than the third quarter, and the delayed release of another title, Unreal Tournament 3, for the PS3 into the first quarter of fiscal 2008.

Midway also said the company is seeing lower-than-expected sales of its latest game, BlackSite: Area 51 because of an "adverse impact of the split shipment" between Microsoft's (MSFT - Get Report) Xbox 360 and the PS3 consoles.

The European version of BlackSite: Area 51 game for the PS3 has been delayed into the first quarter of 2008.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
MSFT $41.62 0.00%
SNE $30.01 0.00%
AAPL $124.75 0.00%
FB $80.78 0.00%
GOOG $524.05 0.00%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs