King Digital (KING) Stock Plummets After Quarterly Report

NEW YORK (TheStreet) -- King Digital (KING) 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.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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. 

However, quarter-on-quarter monthly unique paying users, the company's biggest driver of revenue, slipped over 2% to under 12 million customers. 

Must Read: Warren Buffett's 10 Favorite Growth Stocks

STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.


WATCH: More market update videos on TheStreet TV | More videos from Keris Alison Lahiff

More from Markets

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%