Square Enix Expects Major Losses This Year
Square Enix expects an “extraordinary loss” for this fiscal year following a revision of its financial results forecast.
For the year ending March 31, 2013, Square Enix now expects to make a net loss of ¥13 billion ($138m/£91m), which is ¥16.5 billion lower than the ¥3.5 billion ($37m/£24m) net income forecast on October 30 2012. Last year saw a profit of ¥6 billion ($64m/£42m). Square also expects a drop in revenue: from ¥150 billion to ¥145 billion ($1.5b/£1b).
Tomb Raider is expected to have sold 3.4 million units – excluding downloads – by the end of the fiscal year, missing its forecasted target. Hitman: Absolution, which is expected to have sold 3.6 million by the end of the fiscal year, and Sleeping Dogs, expected to have sold 1.75 million, are also missing their targets.
In light of these losses, Square Enix CEO Yoichi Wada is stepping down.
via GI International