Perfect World Down 17.8% (PWRD)

Shares of Perfect World Co., Ltd. PWRD are trading down 17.8% at $25.88 per share during the Tuesday afternoon trading session. The day's trading range for shares of Perfect World Co., Ltd has been between $25.84 and $27.47 per share. Analysts covering the company's stock give it a consensus price target of $32.62 per share. Volume of 3.4 million shares is 5 times the daily average volume of 650,000 shares. Perfect World Co., Ltd. (PWRD) announced on Monday after the market closed that it beat consensus Wall Street expectations. Perfect World Co., Ltd announced 3rd quarter adjusted earnings per share of 68 cents, on revenue of $98.4 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 54 cents per share, on revenue of $89.96 million. Despite beating estimates, investors were concerned about the company's future earnings prospects. Chairman and chief executive officer Michael Chi said, "In our online gaming business, we did not release any new games or major expansion packs during the quarter as we concentrated on a number of longer-term projects that should help bring new excitement to our portfolio of games. We are excited by the projects that we have in our pipeline. As we have stated in the past, in an effort to give new games the best chance of success upon release, we have been extending the development cycle while we redouble our efforts to fine tune and test upcoming releases. We have seen steady progress in terms of such efforts." Read more from Benzinga's Company news.