Square Enix Posts Financial Results, Loss of 1.6 Billion Yen
Things are a tad dire at the Japanese publishing giant.
Square Enix recently published its financial results for the quarter ending on June 30th, and while the company reported net sales of 24 billion yen ($244 million) with an operating income of 689 million yen ($7 million), it also reported a net loss of 493 million yen ($5 million).
Even harsher is the loss of 1.6 billion yen (more than $16 million), with Square stating that, “In response to the latest environmental changes in the game industry, the Company has implemented a change in its development policy, and conducted a comprehensive review on work-in-progress game titles for the three-month period ended June 30, 2013. As a result, the Company has decided to book a loss on evaluation of content (approximately ¥1.6 billion) as an extraordinary loss.”
Net sales are up year on year by 3.3 percent but this loss is nothing to scoff at. The above statement could indicate that Square Enix has recently cancelled some projects which weren’t performing up to expectations. Thankfully, Dragon Quest X seems to be showing a “steady performance”, and might be heading to Western markets soon.