Midway Doubles Third Quarter Losses

Midway Doubles Third Quarter Losses

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Publisher reports $75.9 million down the hole, hedges bets on upcoming Mortal Kombat title.

At this point, referring to games publisher Midway as some sort of large ship or vessel doesn't make for an apt metaphor. Instead, its more like a fish tank cracking one too many leaks with not enough fingers plug them all up. Midway reported its third quarter losses today, checking in at $75.9 million. This net loss bests its own first quarter estimates where, having just lost $34 million, it predicted losses to merely double.

On the bright side, Midway did manage to meet its earnings expectations, having earned $51.4 for the quarter, falling in line with its prior guidance of approximately $52 million. These earnings aren't anything to scoff at either, as a year ago in the same quarter, Midway only managed to squeeze out $36.7 million in profits.

Midway attributes the gains to three of its titles released during the session, namely TNA Impact (Xbox 360, PlayStation 3, Wii), Unreal Tournament III (Xbox 360) and Mortal Kombat: Kollection (PS2). Looking to the future, company CEO Matt Booty places the weight of responsibility on their upcoming cross-over fighter, Mortal Kombat vs. DC Universe to pick up the slack, expecting the release to allow Midway to "enter 2009 with a renewed focus on Midway's key strengths."

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They're "hedging bets" on Mk vs DC? Midway it's been nice knowing you.

Well unless MK vs DC costs about 40 million per copy the 2 people who are going to buy it are not going to help midway much.

I miss spy hunter.

Mr.Bubbles43:
Well unless MK vs DC costs about 40 million per copy the 2 people who are going to buy it are not going to help midway much.

I miss spy hunter.

I'm totally goign to be one of the two.
Wonder Woman is HOT! And using her to smash in Raiden's face would be AWESOME!

Just create another Gauntlet game, that solves everything!

"Here lies Midway. They placed all their chips on a Mortal Kombat game rated Teen. May they rest in peace."

Jared Rea:

Midway reported its third quarter losses today, checking in at $75.9 million. This net loss bests its own first quarter estimates where, having just lost $34 million, it predicted losses to merely double.

On the bright side, Midway did manage to meet their profit expectations, having earned $51.4 for the quarter, falling in line with its prior guidance of approximately $52 million. These earnings aren't anything to scoff at either, as a year ago in the same quarter, Midway only managed to squeeze out $36.7 million in profits.

Ok perhaps its because its late and I'm tired but that does not make any sense to me. How can you be making losses and profit at the same time?

Don't think I've owned a Midway-produced game since the days of the Sega Genesis. Possibly haven't even played one since then either. MK4 was the last one I touched.

Ralackk:
Ok perhaps its because its late and I'm tired but that does not make any sense to me. How can you be making losses and profit at the same time?

Actually, that's my bad. Accidentally slipped the word "profit" in place of "earnings." Typically, this would be fine ... but you know ;)

serves 'em right for the runaround they did with TNA iMPACT

"Oh it's going to be like No Mercy!" they said when they started making it. Fast-forward 2 years after numerous delays and feature exclusions and they're all "making a game engine is hard, durrrrrr"

Is anyone REALLY looking forward to MK vs. DC? I think Midway may be trying to commit suicide. Why? I couldn't tell you even if I tried.

xitel:
Is anyone REALLY looking forward to MK vs. DC? I think Midway may be trying to commit suicide. Why? I couldn't tell you even if I tried.

I think they smacked themselves in the head with a lead pipe and now can't remember how to actually make games.

BleachedBlind:
"Here lies Midway. They placed all their chips on a Mortal Kombat game rated Teen. May they rest in peace."

Yeah, seriously. What were they thinking? I'd buy a highly-rated MK game, ever since I wasn't allowed MK3 when I was 14.

Looks like we need to start finding a plot at the local grave yard for Midway.

Looking through their list of games I'm surprised they are still in business : /

Pseudonym2:
They're "hedging bets" on Mk vs DC? Midway it's been nice knowing you.

Economy Wins. FATALITY!

I honestly would prefer MK vs Marvel

atleast then its not just guys in costumes.

AceDiamond:

xitel:
Is anyone REALLY looking forward to MK vs. DC? I think Midway may be trying to commit suicide. Why? I couldn't tell you even if I tried.

I think they smacked themselves in the head with a lead pipe and now can't remember how to actually make games.

Knowing Midway, they probably used something a bit more brutal than a lead pipe. Maybe a lead pipe with a spikes on it?

Eggplant:
I honestly would prefer MK vs Marvel. At least then its not just guys in costumes.

The problem isn't the IP they're using, it's the fact that they're making a mortal kombat game rated Teen. Meaning no over-the-top gore, violence, and no fatalities.

xitel:
Is anyone REALLY looking forward to MK vs. DC? I think Midway may be trying to commit suicide. Why? I couldn't tell you even if I tried.

Yeah...me.

xitel:

The problem isn't the IP they're using, it's the fact that they're making a mortal kombat game rated Teen. Meaning no over-the-top gore, violence, and no fatalities.

Well as an australian if it wasnt rated teen it probably wouldnt get into our shitty country. Though the lack of fatalities will suck. I would imagine the storyline will suck too.

WTB intelligence for Midway

Eggplant:

xitel:

The problem isn't the IP they're using, it's the fact that they're making a mortal kombat game rated Teen. Meaning no over-the-top gore, violence, and no fatalities.

Well as an australian if it wasnt rated teen it probably wouldnt get into our shitty country. Though the lack of fatalities will suck. I would imagine the storyline will suck too.

WTB intelligence for Midway

I'm among the group of people that don't think a fighting game really NEEDS a good storyline, just good gameplay. Honestly, I can't think of a fighting game I played for the sake of the story. And maybe they're trying to do the same thing Rockstar did with Table Tennis.

 

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