Funcom revenues down 19%

Funcom, the company behind the anticipated MMO Age of Conan: Hyborian Adventures, has reported its latest set of financial results for the last three months of 2007.

The company posted revenues of USD 1.75 million, down 19 per cent from the same period the previous year, principally on the back of an expansion release in that comparative 2006 quarter combined with the increased costs of the ongoing Age of Conan development.

Group operating losses increased in the same time frame from USD 1.0 million to USD 3.1 million, although the company stated that its financial position remained strong, with cash reserves of USD 52.4 million.

The losses weren't entirely surprising given the investment required to bring an MMO to market, and while the company said that it expected a further reduction of revenues in the next quarter, the game was on track for a mid-April launch - after which subscription revenues should start to roll in.

Developers working on the company's other MMO development, The Secret World, have been temporarily drafted onto the Conan project to help with its completion.