Midway posts losses, gains for first quarter; aims to target casual market
It’s always a bit daunting (in a good way) to see the quarterly financial figures of your favorite gaming company, and it’s the same here, as Midway Games has just posted its numbers for the first quarter of 2008. Sure, they’re still losing quite a bit of money, but they’re also making quite the killing when compared to previous quarters. In any case, all the numbers, facts, and figures after the jump. Bring your own calculators.
Midway Games recently posted this year’s first quarter results, and while they’re still losing quite a bit of money, things are pretty much picking up in the horizon. Let’s check out and see just what’s up with the company that brought us the Mortal Kombat series, financial-wise, and what it believes will be the aces up its sleeve come the following quarters.
So, just how much did Midway make, as well as how much got away from them? The first quarter results revealed that the company received sales above guidance at US$ 29.9 million, with losses up to US$ 34 million. The losses may seem like a lot, compared to the US$ 19.8 million loss the year before – but when you also figure out that last year also had them only gaining US$ 11.1 million, it’s definitely a step up.
Well, those are the numbers for this first quarter. But what does Midway plan to do for the next quarters? Interim president and CEO Matt Booty revealed that the company is looking forward to releasing quite a lot of exclusive titles, but a large part of their strategy also involves cashing in on the casual market with games specifically catered for that audience. This, he explains, will “put Midway back on the path to profitability.”
Definitely good news, then. Updates as we get them, and you can check out more info in the via link below.