Square Enix posted a $16 million loss for Q1 2011, posting an even more bleak forecast for the rest of the year. The tsunami that hit Japan earlier this year is a major player in the report, coupled with the ongoing development of Final Fantasy XIV while the servers remain free of charge, and the lackluster sales of certain Square Enix properties.
Due to the recording of extraordinary losses, forecasted net income (loss) is revised for fiscal year.
The report also notes the cancellation of some projects, none are mentioned specifically. According to Wikipedia, Square’s last cancellation was in March over a 3rd person shooter called Gun Loco, a 360 exclusive. Square Enix has several titles still to release this year, including Wakfu, Dungeon Siege 3, Dead Island, Deus Ex, and a few others that should bolster their sales.
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