Updated from 9:01 a.m. to include thoughts from JPMorgan analyst.
NEW YORK (TheStreet) -- King Digital Entertainment (KING - Get Report), better known as the maker of Candy Crush Saga, saw its shares crushed after the company lowered guidance for the rest of the year, citing concerns about seasonality and the impact of the World Cup.
For the second quarter ending in June, King earned an adjusted 59 cents a share on $593.5 million in revenue, up 30% year over year, but down 2% sequentially. Gross bookings for the quarter came in at $611 million, up 27% year over year, but down 5% sequentially.
Monthly active users rose 83% year over year to 485 million, while daily active users rose 82% year over year to 138 million. Analysts surveyed by Thomson Reuters were expecting 59 cents a share on $609 million in revenue. Read More: How Tiger Woods Becomes Zynga's Last Hope For Glory The company also announced a special $150 million dividend, which will be paid to shareholders on Sept. 30, to "enhance returns for our shareholders," according to a statement from King CEO Riccardo Zacconi. Zacconi also announced that the company that it was partnering with Chinese Internet giant Tencent (TCEHY) to roll out a localized version of Candy Crush Saga, and is launching its first sequel, Bubble Witch 2 Saga, as well as taking advantage of the company's acquisition of Nonstop Games. Games such as Farm Heroes Saga and Bubble Witch 2 Saga have not proven to be the huge hit Candy Crush Saga became, a game that accounted for 59% of its gross bookings in the second quarter. Candy Crush continues to be in decline, having approximately $361 million in gross bookings this quarter, compared to approximately $430 million in the first quarter, according to Bank of America Merrill Lynch analyst Justin Post. Shares of King Digital plunged in early Wednesday trading, falling 23.1% to trade at $13.99. The company lowered 2014 expectations for both the third quarter and the fiscal year. It now expects third quarter gross bookings to be between $500 million and $525 million, with full year gross bookings between $2.25 billion and $2.35 billion. Read More: How Facebook Has a Huge Opportunity in China Following the report, analysts were largely negative on the stock. Here's what a few of them had to say: