Yoichi Wada resigns as Square Enix warns of huge losses

Square Enix president Yoichi Wada is stepping down.

The news comes as the publisher warns of what is describes as “extraordinary losses” in its current financial year.

Indeed, the overtly long tail being thrust upon consumers by the lack of market-ready next-gen hardware is certainly having an impact.

Yousuke Matsuda is to fill Wada’s vacated role until a permanent successor can be found. The moves were blamed on "a management reorganization", according to a Kotaku translation.

Square Enix today issued a filing warning of a grim report for its current financial year.

It reads: “The company forecasts that actual business results from its Digital Entertainment Segment substantially fall below its plan primarily due to slow sales of major console game titles in North American and European markets.”

Net sales forecasts have been reduced from ¥150bn to ¥145bn. Net losses, previously predicted to reach ¥3.5bn, are now likely to ¥13bn. It should be noted that ¥10m of this loss will come from “major reforms and restructuring in its development policy, organizational structure, some business models”.

This story was originally published on our sister-site, MCV.