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Majesco CEO bails out, stocks down the drain
Gamespot has word that the CEO of Majesco, Carl Yankowski, has resigned his position after being there only since last August. This resulted in a further plummeting of the company's shares.
If this line continues, I see another publisher going bankrupt.
Majesco's had previously projected annual net revenue of between $175-$185 million, and operating income, or profit, of $16-$18 million. Revised expectations now peg net revenue for its 2005 fiscal year to be between $120 million and $125 million, with an operating loss of $16-$19 million. Majesco's 2005 fiscal year ends on October 31.
The company cited several causes for the lowered guidance. It said the primary reason for losses were weak summer sales--Psychonauts and Advent Rising have recently been singled out as being the highest-profile retail disappointments.
The company cited several causes for the lowered guidance. It said the primary reason for losses were weak summer sales--Psychonauts and Advent Rising have recently been singled out as being the highest-profile retail disappointments.
If this line continues, I see another publisher going bankrupt.
In other news:
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