Funcom has released its financial results for Q3, and it's not pretty. Revenue was down 68.5% to 5.7 million USD, and expected to drop even more in Q4. This time last year they were reporting a profit of $3.3 million, a strong contrast to the current $9.6 million loss. They see a few reasons for this drop, including some stiff competition: "The Company ran a successful re-evaluation campaign during July, increasing the number of subscribers to the game. However, the launch of two major competing MMO-games during Q3 led to a subsequent reduction in subscriber levels."

Funcom remains optimistic, though, thanks to numerous upcoming projects. The Secret World is reported to be "progressing well", Age of Conan is planning a launch in Korea, the "Rise of the Godslayer" expansion for AoC is on its way, and Funcom recently received a grant to create an extreme sports MMO.

The full report can be viewed here.

Funcom publishes sharp revenue drop for Q3 originally appeared on Massively on Tue, 17 Nov 2009 17:00:00 EST. Please see our terms for use of feeds.

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