Square Enix posts loss
Square Enix has posted a net loss of $134 million for the fiscal year that ended March 31.
The loss comes after the company announced in March that a restructuring would result in an “extraordinary loss.”
“The business environment surrounding the [Square Enix] Group is in the midst of major changes, where smart devices such as smartphones and tablet PCs are spreading rapidly,” Square Enix stated, “while the console game markets in North America and Europe are increasingly competitive and oligopolistic. In light of such environmental changes, the Group is focusing all efforts on a substantial earnings improvement through driving reforms of business structure in order to establish new revenue base.”
The company noted that Sleeping Dogs, Hitman: Absolution and Tomb Raider had “weak” sales. However, it will start focusing more on smartphones and tablets going forward.
The changes should result in a projected net income between $34.4 million to $59 million.