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Square Enix Warns Of Big Losses

sjohnson
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Posted May 12, 2011 - By Stephen Johnson

Square EnixIn a revision to the company's financial forecast, game-maker Square Enix has issued a warning of financial losses in 2010. According to Square, the firm has recorded "extraordinary losses" in the last financial quarter of the year, and anticipates a nearly $150 million net loss for the financial year that ended in March. Back in February, Square Enix was projecting a modest profit of 12 million for the year, and now they are projecting a year loss of  loss of $148 million.

Some of the blame falls to the recent tsunami and earthquake in Japan that closed "amusement facilities," but some of the losses spring from non-natural-disaster causes.

Part of Square's statement reads: "As a result of introducing a tightened selection standard regarding title lineup to strengthen the revenue base of the Company's digital entertainment segment, project development cancellation and related losses (approximately ¥4.5 billion) are expected."

Back in March, we learned that Square had canceled shooter Gun Loco, but we don't know yet which, if any, announced games or projects Square has canceled. We'll let you know when we know, of course.

If you are hyped to pore over financial statements, check out Square's.

Square Enix Warns Of Big Losses
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