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Midway to miss 4Q mark
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May 21, 1998: 1:47 p.m. ET
Shares of video game designer tumble after warning of lower profits
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NEW YORK (CNNfn) - Shares of Midway Games Inc. plummeted more than 15 percent by midday Thursday after the company warned that its fourth-quarter earnings will fall far below Wall Street's expectations.
On Thursday, the Chicago-based consumer and commercial video game designer said it expects to report fourth-quarter earnings of 25 cents per share, compared with the 40 cents a share forecast by First Call.
Midway earned 29 cents a share in the year-ago quarter.
Midway (MWY) shares fell 2-1/2 to 13-3/8 in midday trading.
The company expects revenues to increase approximately 10 percent. But while Midway said it expects home video game revenue is expected to double, it anticipates a 25 percent drop in coin-operated video game revenue.
Midway designs video games for coin-operated systems and such home platforms as the Nintendo 64 and Sony PlayStation as well as personal computers. Its titles include Olympic Hockey, NBA Fastbreak and Mortal Kombat.
The company said it expects to increase new product introductions across the board in fiscal 1999. 
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Midway Games
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