NEW YORK (TheStreet) -- King Digital (KING - Get Report) stock is plummeting on Wednesday after the social games developer reported its first quarter.
By late morning, shares had slid 11.9% to $16.53.
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The Candy Crush developer reported first-quarter profits of 61 cents a share, 2 cents higher than analysts polled by Thomson Reuters forecast. Revenue of $606.7 million was three times as high as sales a year earlier.
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However, quarter-on-quarter monthly unique paying users, the company's biggest driver of revenue, slipped over 2% to under 12 million customers.
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