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Ouch: Midway Sees $34 Million Loss in First Quarter

Twisted | May 05, 2008 | Industry News | Playstation 3 Wii 
Developer-publisher Midway has lost $34 million in the first quarter of 2008. Ouch. Midway had only one U.S. release during Q1, and expansion pack for Stronghold. However, it launched more games in Europe, like Unreal Tournament 3, and Blacksite: Area 51 for the PS3.
Developer-publisher Midway has taken another loss for the fiscal first quarter of 2008, the company announced today. The company saw $29.9 million in sales, more than twice its performance for the same period last year, but nonetheless, Midway's first quarter net losses were $34 million, while it lost much less - $19.8 million - in 2007's first quarter.

The sluggish performance can be credited to the fact Midway had only one U.S. release during the quarter - an expansion pack for Stranglehold. On the other hand, its European launches included Unreal Tournament 3 and BlackSite: Area 51 for the PS3, Game Party and Cruis'n for the Wii, Foster's Home for Imaginary Friends for the DS, and Hour of Victory for the PC.

Looking ahead to next quarter, Midway expects the release of NBA Ballers: Chosen One for Xbox 360 worldwide and for PS3 in North America to support $18 million in sales.
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  • 0 thumbs!
    R1DDL3S | May 05, 2008
      Don't they see how much money they are losing by not releasing games in America? That is way too much money to lose in a single quarter.
  • -1 thumbs!
    twilightprince | May 05, 2008
    Maybe if they would stop making crap games, they would make more profit.
    • 0 thumbs!
      VeGiTAX2 | May 05, 2008
      The problem is they don't understand how to fix it. They already said they'd be reducing games produced by the company to have less trash out there but apparently that also resulted in them not bothering to release anything really.

      I did my part to give back to them though. Stranglehold for the 360 at Target for $7 on clearance.
      • 0 thumbs!
        Linkin Park Fan | May 05, 2008
        Haha so what, dollar in their pockets. Your so generous
      • 0 thumbs!
        Final Blade | May 06, 2008
        Im sure that dollar is going to be well deserved for them.
  • 0 thumbs!
    Raijin1999 | May 06, 2008
    Lawl.

    Technically they already profited from that Stranglehold sale. Full price too. Target takes the loss.

    They need to fix those freaking Dragonball Z games. Throw in some RPG variants, something with sandbox style free roam and perhaps a character creator, not surprised they haven't done it already considering the general quality of their titles, but shi'. That's something they should be lookin' pretty closely at right about now.

    Did Blacksite see an NA release?
  • -2 thumbs!
    slumpy monkey | May 06, 2008
    They need to start taking up some film titles and crap to earn a quick buck.

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