Midway posts $33.5 million loss in Q3

Midway has recorded losses of $33.5 million for the three month period ending September 30th, compared to a $22.2 million loss in Q3 2006.

Meanwhile, revenues landed at $36.7 million for Q3 – up from $27.4 for the same period last year.

The publisher has enjoyed success with Stranglehold on the Xbox 360 and PC during the period, reaching the top ten in the Xbox 360 charts.

Midway said it expects net revenues of around $80 million for the fourth quarter, and has lowered its financial outlook for full year 2007 mainly due to slower than expected sales of Nintendo DS, Wii and PS3 products.

"We are happy with the response to our first front-line next generation game, Stranglehold, and believe that it has provided a solid foundation to build our standardized toolset for all of our next generation titles. Additionally, our commitment to our expanded direct presence in Europe has been validated with strong results for Stranglehold throughout the territory," said David Zucker, president and chief executive officer.