With the length of development cycles as they are, it's not fair to point to the such a limited time frame as nine months and suggest that the games that came out in those nine months has anything to do with why they've lost money. As pointed out, Square Enix is pouring massive resources into the continued development of Final Fantasy XIV. Granted, they actually charged subscription fees this past year, but I imagine that doesn't do much other than offset the costs of concurrently developing new content for an existing product while concurrently developing what amounts to a new game.

There are still a few titles expected to drop before the end of the fiscal year (such as Kingdom Hearts 1.5 HD). How much money went into developing games that aren't out yet? Final Fantasy Versus XIII? Final Fantasy XIV: A Realm Reborn? The new graphics engine they've developed? Without seeing a breakdown of the costs and the expected returns, it's hard to make evaluations at this point.

This is why I hate the focus on quarterly reporting. The importance of short-term gain vastly outweighs long-term strategies.