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Square Enix Reports "Extraordinary Loss" - President Resigns

This sparse document (Adobe Acrobat format) announces the resignation of Yoichi Wada from his post as president of Square Enix. This follows the revelation that the Japanese publisher anticipates an "extraordinary loss" in its next financial reporting noted in a statement (Adobe Acrobat format) with revised financial forecasts. VG247 summarizes the bad news from the revision, noting that this includes lowering the company's projected sales slightly, but involves a giant increase in losses, saying the company's previously projected 3.5 billion net income loss is now anticipated to be closer to 13 billion ($138 million USD). Word is the revision is due to slow sales of major console titles, a sluggish arcade market, and the addition of approximately 10 billion in restructuring efforts, saying: "In view of the rapidly changing environment of the game businesses, the Company has decided to implement major reforms and restructuring in its development policy, organizational structure, some business models, and others."

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45. Re: Square Enix Reports Mar 26, 2013, 15:14 Agent.X7
 
Quboid wrote on Mar 26, 2013, 15:02:
If they've lost $100M through write-offs and only $30M net loss, doesn't that suggest that they've been operating at a loss for the last few years and have been hiding that, the opposite of what's being suggested here? Perhaps now they've run out of ways to hide the loss so they're taking it off the books in one big hit, and kicking out the guy who has been making losses for years.

IANAA(ccountant)

Without access to their books and their board, it's pretty much impossible to say. It's not unheard of for the board to ask someone to resign after that person did exactly what the board wanted them to do in the first place. Corporate politics are pretty much just as dirty as government politics. (Especially since a lot of the time they are one in the same...)
 
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