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Square Enix revises its consolidated results forecast to account for losses

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Square Enix has revised its consolidated results forecast as a result of "sluggish sales" of "major arcade machines that were released during the three month-period ended September 30, 2012" revealing an expected loss of over $13 million according to a press release from the company.

"In addition, sales of a major HD game title have been growing at a slower pace than expected," the press release reads. "Another negative factor in the Digital Entertainment business segment is delays of social game service launch, which resulted in [a] decrease of service revenues and up-front expenditure of development costs."

Square Enix revised its sales for the period ending Sept. 30, 2012 downward 19.7 percent.

Looking forward, Square Enix has also revised its forecast for the fiscal year ending March 31, 2013, citing the reasons above and "uncertainties of the business environment, which is estimated as continuing in the second half of the fiscal year."

Square Enix had made its original forecast on May 14, 2012.