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Funcom - CFO Resigns

by Woges, 2009-02-23 17:02:23

CFO resigns, as losses rise, according the The Edge.

Norwegian MMO developer Funcom reported a $22.8 million impairment charge during its fiscal Q4 ended in December, due to lower-than-expected revenues of Age of Conan: Hyborian Adventures.

Funcom said in a Monday statement that it continues to "invest heavily" in Age of Conan, which released in May of 2008, as 120 employees (not including customer service) continue work on the game.

The number of Age of Conan subscribers declined during the quarter, although Funcom said the subscriber base has been "relatively stable" in 2009, which is believed to be a result from improvements to the game implemented last year.

The developer continues to market the game in new territories, and aims to "revitalize" interest in the core markets as well.

Operating loss for the quarter totaled $23.4 million, compared to the comparable quarter a year ago, which saw losses of $2.8 million. The impairment charges related to Age of Conan were the main driver.

The company reported $40 million in cash as of December 31, 2008.

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