Mad Catz has been on a decline lately, and the drought doesn’t appear to be coming to an end anytime soon. The company is blaming the slowing sales of the Rock Band 4 game for the lack of success.
Despite great initial sales of $65 million, Rock Band 4 failed to reach the company’s expectations its first quarter up for sale. The company was relying on the game for profits and is very disappointed in the results. Total profits dropped from $1.36 million to $1.22 million year-over-year with Rock Band 4 being one of leading contributors for the decline.
It’s never good to see a company fall like this but things are even worse for Mad Catz. Just prior to the results being due, the company’s CEO resigned. This is never a good sign. Not only did the CEO resign, the chairman and vice president of business affairs also announced their retirement. This forced Mad Catz to lower its workforce by about 37%. It’s do or die time now for Mad Catz. If the company wants to get back on track, they better do something soon. We’ll keep you posted with future results and news. For more details, click on the source link down below.
Source: Mad Catz
Via: GameSpot
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