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Acclaim Says Console Price Cuts Boosted Sales | |
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| Time: 04:48 EST/09:48 GMT | News Source: Reuters | Posted By: Alex Harris | ||
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Sales of video games by publisher Acclaim Entertainment Inc. AKLM.O have soared 20 percent to 30 percent in the past week since the major game console makers cut hardware prices, the company's chief executive said on Friday. The price cuts last week had an immediate impact on sales for the company, Chief Executive and Co-Chairman Greg Fischbach told Reuters in an interview. Acclaim's stock climbed 15 percent this week after the company forecast a 32 percent surge in 2004 revenues over its previously announced target for 2003. The estimate is based on expectations that its upcoming game, "Turok: Evolution," will be a blockbuster hit. The forecast extends a turnaround for Acclaim. At the end of 2000, its shares traded for around 30 cents each, but the company rode a wave of industry growth in 2001 and saw its stock pass $5 by the end of the year. It fell 29 cents to close at $5.28 on Nasdaq on Friday. | ||
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