Shares in Frontier tumble following the disappointing release of Warhammer Age of Sigmar: Realms of Ruin
Following the underwhelming release of Warhammer Age of Sigmar: Realms of Ruin, the share price of UK-based developer Frontier Developments dropped by more than 20% when it revised its end-of-year revenue targets.
The details:
Frontier has issued a trading update (via IGN) after Realms of Ruin sold fewer units than expected across Xbox, PlayStation, and PC since November 17. According to SteamDB, the game peaked at 1,572 concurrent players on Steam on launch day and has since dropped into the low hundreds.
Following the studio's poor commercial performance, it has revised its revenue guidance for the current fiscal year from £108 million to £80-95 million. The launch news caused the company's share price to plummet by over 20%, reaching its lowest point in 2023.
Frontier has had a difficult year thus far, announcing last month that it would undergo an "organizational review" to reduce operational costs by up to 20% by cutting jobs, lowering overall spending, and slowing hiring. The company's stock has dropped by more than 86% since the beginning of the year, with the commercial failure of its F1 Manager series resulting in several negative trading updates.
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