Media group Future has seen its share price tumble following its recent profits warning.
On Friday it warned shareholders that profits will be significantly below” expectations once again in its next report, leading to 30 per cent of its value being slashed on the markets.
At the end of the year Future was trading at 16.30p. Prior to its statement on Friday it was trading at 13p. As of today that price has fallen to 8.70p.
The Telegraph reports that the belated arrival of PS4 and Xbox One is the main cause of the slump, adding: We had anticipated more advertising around games launches after the new consoles were launched, but there have been some delays around those launches which has delayed the game advertising spend. In some areas there was also a decline in print sales, which we always anticipate.”
In September Future cut 55 jobs, some of which were from video games editorial teams.