‘Age of Conan’ Developer Reports $23.3 Million Loss, CFO Quits

Funcom’s fourth-quarter financial results showed an operating loss of $23.3 million due to “a lagging performance” by its MMORPG “Age of Conan.” It was also announced that the CFO of the Norwegian company has resigned.


Funcom’s fourth-quarter financial results revealed that the company had an operating loss of $23.3 million, “caused by a depreciation of USD 22.8 million due to the lagging performance of ’Age of Conan,'” Gamesindustry.biz reported.

The company also announced that its chief financial officer, Olav Sandnes, has resigned. Last year, Funcom co-founder and “Age of Conan” game director Gaute Godager called it quits, citing his disatisfication with the title. Funcom also closed more than half its game servers earlier this year.

Though things don’t seem to be going well at Funcom, its revenues did increase during the fourth quarter of 2008. Gamesindustry.biz reported that revenues rose to $8.7 million, up from USD $1.2 million from the same period last year, attributed to “Age of Conan” subscriptions. Funcom also predicts profits of $6-8 million in the first quarter of 2009 from subscriptions.

Funcom CFO resigns following $23.3m loss [Gamesindustry.biz]

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