Square revises its profit forecast amidst layoffs

Friday, 30 October 2009 17:20 GMT By Stephany Nunneley


Square Enix has lowered its first-half profit forecast by 65 percent to ¥2.6 billion ($28.4 million) following a round of layoffs.

Blaming numerous “special factors” for the revision, the current exchange rate and premium severance packages for staff that were laid off were also to blame.

Net income for its financial year ending March 31, 2010 was lowered 33 percent, from ¥15 billion to ¥10 billion with most severance packages being absorbed during the first half.

Things are expected to look more positive once Final Fantasy XIII is released in Japan on December 17.

Via GI.biz.