Square Enix Profits Down 62%, Due to “a Quarter Without Major Title Releases”
Times are tough for Japanese publisher Square Enix, as profits have plummeted 62% year-over-year while overall sales have fallen 25%. This financial data was collected over a three-month period, which ended June 30th. Square is certainly not pleased with these results, but believes they can be attributed to a lack of high-profile software.
Yoichi Wada, president of Square explained:
In a quarter without major title releases, profit and sales were lower compared to the previous year.
We are focusing all our efforts on rebuilding the group businesses during the current fiscal year toward generating a substantial earnings recovery from the fiscal year ending March 31, 2013 and beyond.
With a direct sequel to Final Fantasy XIII slated for an early 2012 release and Deus Ex: Human Revolution fast approaching, Square’s got plenty of quality games in the oven. Plus, high profile titles like the Tomb Raider reboot and Hitman: Absolution give little reason to doubt that the publisher will see profits rise in the future.