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Funcom revenues fall 69%

Age of Conan publisher posts third quarter losses of $10 million

Norway-based MMO developer and publisher, Funcom, has published its latest financial results for its third fiscal quarter, reporting that revenues were down year-on-year by 68.5 per cent to USD 5.7 million.

In the same time frame the company posted a loss of USD 9.6 million, compared to a profit of USD 3.3 million last year - although with operating expenses cut significantly it is on course to reduce overall losses in the full year from the 2008 figure of USD 33.9 million.

According to the financial statement the company still has cash reserves of USD 34.8 million, while costs have been reduced by around USD 400,000 per month and a new facility in Montreal was opened in September.

Funcom's main earner, Age of Conan, is expected to launch in Korea next year along with a new expansion for the game, while work is "progressing well" on its next title, The Secret World.

Revenues for the fourth quarter are expected to be between USD 4-5 million - lower than Q3, despite a strong marketing push and free trial scheme being implemented.

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Phil Elliott avatar

Phil Elliott