informa
1 MIN READ
News

Midway Announces First Quarter Results; Redstone Confirms Buyout Plans

Officials from Midway have released details of the company’s first quarter results for the period ended March 31. During this period, in which the company only released o...
Officials from Midway have released details of the company’s first quarter results for the period ended March 31. During this period, in which the company only released one title, revenues fell 56% to $20.1 million. The company reported a net operating loss of $14.2 million, compared to a net loss of $9.3 million at the same time last year. Company representatives have indicated that the company expects to report a second quarter revenue of $38 million and a net operating loss of $10 million. Full year predications suggest revenues of $148 million (a 60% increase on 2003), with full year losses falling from $20 million to $18 million. At the same time Viacom CEO Sumner Redstone announced his intention to buy a controlling stake in the company, increasing his stake from 49.3% to “at least” 60%. Redstone’s interest in the company is still a source of puzzlement to analysts but he announced that, “You will see very soon an enormous infusion of great creative talent to Midway - and I mean very soon.” Source: GameSpot

Latest Jobs

Xbox Game Studios

Redmond, Washington
10.5.22
Technical Lighting Artist

Innogames

Hamburg, Germany
10.5.22
Game Designer - Elvenar

Six Foot

Houston, TX
10.3.22
Six Foot Director, Player Relations

Hometopia Inc.

Remote
10.7.22
Lead Engineer
More Jobs   

CONNECT WITH US

Explore the
Subscribe to
Follow us

Game Developer Job Board

Game Developer Newsletter

@gamedevdotcom

Explore the

Game Developer Job Board

Browse open positions across the game industry or recruit new talent for your studio

Browse
Subscribe to

Game Developer Newsletter

Get daily Game Developer top stories every morning straight into your inbox

Subscribe
Follow us

@gamedevdotcom

Follow us @gamedevdotcom to stay up-to-date with the latest news & insider information about events & more