Square Enix has “Expected Extraordinary Losses,” Yoichi Wada resigns
You wouldn’t think it’s been tough for Square Enix, Tomb Raider was well received by the press and gamers but the latest financial forecasts tell a very different story.
With their latest financials headed with the words “Expected Extraordinary Loss”, you know it must be tough times at Square, and to top it off, president Yoichi Wada has stepped down from his role as president.
The problems have been attributed to “slow sales of major console game titles in North American and European markets” and “sluggish performance of its arcade machine business”. Due to the financial projection woes Square will be getting their house in order with what they call “major reforms” and restructuring of the company, development policy and business models.
Square’s current director Yosuke Matsuda will now step into Wada’s role moving forward.
If you look at the sales figures for their main releases, they have not performed badly, but they have failed to meet Square’s targets (see full report).