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Funcom CFO Resigns As Losses Continue
Funcom CFO Resigns As Losses Continue
February 23, 2009 | By David Jenkins

February 23, 2009 | By David Jenkins

Norwegian developer Funcom, creator of massively multiplayer online game Age of Conan, has reported a $23.3 million loss in its fourth quarter financial results – causing CFO Olav Sandnes to resign.

The company saw revenues rise from $1.2 million to $8.7 million from the same time last year, but an impairment charge of $22.8 million saw its potential profits take a serious hit.

Although Funcom has not revealed new subscriber figures it recently had to close 31 of its 48 servers due to lower-than-expected user levels. The company claimed a userbase of 415,000 for the game’s launch in May 2008, although it has since admitted that the average subscription period has been lower than expected.

CFO Sandnes announced his departure alongside the results, apparently leaving in order to take up a position in a different industry. His departure follows that of Funcom co-founder Gaute Godager last September, who claimed to be "dissatisfied" with Age of Conan.

"Olav Sandnes has made important contributions in Funcom, particularly in respect of developing the company’s financial reporting, controls and management systems and as a member of the management team", says CEO Trond Aas.

"Funcom is a company with a substantial potential based on a unique combination of skill sets in a fast growing global market. I wish Trond Aas and the rest of the organization all the best in realizing the full potential of the Company," said Sandnes.

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