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Square-Enix Posts Huge Financial Loss; Blames Console Market

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In a case of “place the blame elsewhere”, Square Enix is calling out the “increasingly difficult condition of the world-wide console game market” as a reason for the under-performing sales of its console games. 

This statement comes on the heels of its posting last night, which revealed a staggering $914 million loss in the last nine months of 2012.

I’m sure many fans would point their collective fingers at Squenix’s less than stellar Japanese game releases and outrageous mobile game prices as of late, but that’s neither here nor there.

It wasn’t all bad news, however, as they saw an overall 7% increase in net sales; up to $16.5 billion.  That being said, though, Square-Enix said that “the tumultuous console market” has left the publisher “struggling to achieve a fair expected return on its investment.”

At no point did Square Enix’s financial report mention its recent catalogue of Western-developed titles, such as Hitman: Absolution, Sleeping Dogs, Quantum Conundrum and Heroes of Ruin, which could indicate that these losses are only occurring on the Japanese end of their development company.  The company did take time to say its portfolio of PC and social games were showing “acceptable profit.”

There’s plenty of opportunities for the company to turn things around this year as they have the Crystal Dynamics reboot of Tomb Raider out in March, followed in April by Final Fantasy 11: Seekers of Adoulin, Kingdom Hearts HD 1.5 ReMix and Dragon Quest 7.

Source: Gamespot