Square Enix Posts $134.9 Million Loss, Vows To Make Changes
The "extraordinary losses" Square Enix warned investors about have been revealed.
The publisher has announced its results for the fiscal year ending March 31, and they posted a higher-than-anticipated net loss of 13.7 billion yen (about $134.9 million). As reasons for the loss, they blamed "an increasingly competitive and oligopolistic" market in North America and Europe. Oh, is that why?
The company has lost even more due to recent restructuring and unfortunately, their biggest titles in the past year failed to meet internal expectations. Despite selling millions of copies each, Sleeping Dogs, Hitman: Absolution and Tomb Raider just couldn't satisfy the publisher's high hopes. They're currently planning to release Lightning Returns: Final Fantasy XIII later this year, and another Final Fantasy should be announced at E3 in June. It may be a FF for next-gen consoles.
In an attempt to turn things around, Square Enix has vowed to increase the turnover of its titles, increase the number of mobile and tablet games, and produce titles that are specifically designed for the regions they are primarily being sold in. Oh yes, that will fix everything up nicely. Make games faster and keep trying to gear titles to different audiences.
Sounds like a plan.
5/13/2013 11:34:23 AM Ben Dutka