F1 Manager Game Maker Plunges 42% as Weak Sales Send Warning
- Frontier Developments declines by record after cutting outlook
- Profit warning bodes ill for Ubisoft, EA, Mirabaud says
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Shares of UK gaming company Frontier Developments Plc tumbled after it said sales of its flagship F1 Manager 2022 title fell below expectations during the holiday season, sending a chill through the video-game sector.
AIM-listed Frontier plunged by as much as 42% on Monday, its biggest intraday decline on record. The Cambridge, England-based firm said it no longer expects to meet consensus estimates for revenue and operating profit for its fiscal year ending in May, following the performance of F1 Manager, its Formula One car racing management simulator.