Funcom: Everything going 'according to plan'
DateTime:7/21/2009 11:56:42 AM

Durham, USA – May 19, 2008 – Funcom is proud to announce that the Norwegian developer Funcom has released its latest set of financials along with an update the Age of Conan: Hyborian Adventures beta.

Like the company's previous quarter, the results for the first quarter of 2008 shows losses before interest and tax at $3.13 million, compared to $1.21 million in the same quarter in 2007. Revenue dipped slightly to $1.64 million, compared to $1.79 million in Q1 2007. Earnings after tax came out at $919,000, which compared favourably with last quarter's $223,000 "mainly due to currency fluctuations, and tax income." As of this week, the company has a cash balance of some $47 million.

Despite the continuing losses, Funcom maintains the negative numbers are exactly what it expected given an increase in the cost of sales and marketing for the upcoming Age of Conan game. According to the report, more than 1 million people have signed up for the Age of Conan beta, which has now gone gold in anticipation of its launch on May 20 in the US and May 23 in Europe.