Funcom financially strong despite loss

Funcom has suffered declining operating losses, as well as a decline in revenues during the fourth quarter of 2007.

The developer of upcoming MMO, Age of Conan, has reported that group operating losses increased from $1 million to $3.1 million in the fourth quarter. The company has also revealed that quarter four revenues were at $1.75 million, which is $2.15 million down on the same period in 2006.

The loss was credited to the delay and extra-cost suffered during development of The Age of Conan. However, the company insists it is still in a strong financial position, with cash reserves of $52.4 million.

Funcom is currently preparing two MMO games, Age of Conan: Hyborian Adventures and The Secret World, with the former due on May 20th 2008.