By Joseph Leray
In a press release sent out yesterday, Square Enix details its earnings for the first three quarters of the 2012 fiscal year, admitting that it’s console games aren’t exactly making it rain: “the Company has not recovered the operating loss posted in the six-month period ended September 30, 2012, primarily due to the increasingly difficult condition of the world-wide console game market, under which the Group is struggling to achieve a fair expected return on its investment.”
While no titles were mentioned specifically Square’s statement suggests, in layman’s terms, that games like IO Interactive’s “Hitman: Absolution” and United Front’s “Sleeping Dogs” are selling enough to make back the money it cost to make them. Square Enix does have the upcoming “Tomb Raider” coming in March, which it surely hopes will make a late push to end the fiscal year on a positive note.
Portable games and “Dragon Quest X,” a new Japan-only Wii MMORPG that “has been showing steady progress,” seem to be doing well, but not well enough to keep Square Enix from posting losses over all: despite seeing an increase of sales, profits were down 42 percent on the year.
Financial doom and gloom isn’t really all the fun to read about, but Square Enix’ stated plans for how to get back to the black will give us some clues about what to expect from the publisher in the near future: the house of Cloud Strife will adapt to “the fundamental change in the business environments” by doubling down on social mobile games and MMOs.