Shares of Candy Crush-maker King Digital are getting smoked

Shares of Candy Crush-maker King Digital were down as much as 11% in after hours trade on Thursday after its outlook disappointed.

In the first quarter, the company reported adjusted earnings per share of $0.61, topping expectations for $0.53, while revenue came in at $569.3 million above expectations for $553.8 million. Gross bookings totaled $604.5 million in the quarter.

The disappointing part of the report, however, was the company's outlook, with the digital game maker forecasting bookings to decline sequentially, to $490-$520 million in the second quarter. The company defines bookings as the "economic benefit" from the sale of items or the purchase of access in a game, but is not quite the same as revenue the company has actually received. It is, however, more or less a proxy for revenue.

In its earnings release, the company said that it expects the "mid-year period to be seasonally softer," and added that it expects to return to growth in the "latter part of the year."

Additionally, the company did not announce a special dividend in the first quarter, as it has in previous periods as a way to return cash to shareholders.

In February, the company announced a $300 million special dividend to shareholders, an announcement that followed a $150 million special dividend announced back in August 2014.

The company did, however, have a share repurchase plan in the place during the first quarter, buying back $111 million worth of its stock under a $150 million plan authorized in January. At the end of the first quarter, King Digital's cash and equivalents were $661 million.

As for the company's games, non Candy Crush-games generated $375 million in the quarter, good for 62% of total gross bookings, and the company said that 3 of its games were in the top 10 grossing titles in both Apple and Google's app stores during the quarter.