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Funcom CFO resigns in wake of $23.3M loss

James Egan

These are bad times all around in the massively multiplayer online game industry in terms of the economy. The troubles of some companies are still coming to light, as is the case with Funcom. James Lee from writes that Funcom has reported its Q4 2008 financial results with "an operating loss of USD 23.3 million, caused by a depreciation of USD 22.8 million due to the lagging performance of Age of Conan."

In addition, Funcom CFO Olav Sandes has given notice of his resignation. Sandes is not the first high level employee to quit in recent months, but all is not doom and gloom. Funcom's Q4 2008 subscription revenues from Age of Conan have shot up to USD 8.7 million, up from USD 1.2 million year-on-year, Lee reports. Funcom expects a Q1 2009 revenue of between USD 6 million and 8 million, largely comprised of subscription fees for Age of Conan. James Lee's article has further details on Funcom's financial situation.

Warhammer Online Coverage Having fun in Conan's homeland? Make sure to check out all of our previous Age of Conan coverage, and stick with Massively for more news from the Hyborian Age!

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