Square Enix President Yoichi Wada Resigns Amidst "Extraordinary" Financial Losses

Yosuke Matsuda is expected to take Wada's place in June

Unfortunately, it seems even Final Fantasy: All the Bravest's microtransactions weren't enough to save Square Enix from financial losses that have been deemed "extraordinary." Amidst the company reducing its earnings projections, Square Enix President Yoichi Wada is resigning.


Much of Square Enix's losses are being placed on the slow sales of major console games in North America and Europe. It seems games like Hitman Absolution and Tomb Raider haven't quite performed to Square's expectations, and they also cite the arcade sector's "sluggish performance." Square Enix expects to adjust its earnings forecast from a 3.5 billion yen profit to a 13 billion yen loss as a result. 


It's expected that Yosuke Matsuda will take Wada's place in June.


Via Rock Paper Shotgun



Joseph Luster is the Games and Web editor at Otaku USA Magazine. His blog can be found at subhumanzoids. Follow him on Twitter at @Moldilox.

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