Majesco Entertainment Tumbles after Earnings Miss

Shares of video game provider Majesco Entertainment

are under much pressure on Wednesday after the company reported yesterday fourth quarter earnings that missed analysts' estimates. For the fourth quarter ended October 31, 2011, Majesco's net revenues were $25.1 million, up 8% versus $23.4 million year-over-year, however versus analysts' estimates of $26.9 million. During the fourth quarter of 2011, the Company reported an operating loss of $3.0 million, compared to an operating loss of $1.3 million in the fourth quarter of 2010. Net loss for the quarter was $3.9 million versus a net loss of $1.5 million in 2010. Majesco Entertainment's diluted net loss per share for the fourth quarter was $0.10, compared to net loss per share of $0.04 year-over-year, but versus analysts' estimates of $0.04. Currently, shares of Majesco Entertainment are down over 25% at $2.21.