Midway bleeds another $34.8 million in Q2

It's not getting any prettier at Midway Games, as the publisher has announced it lost $34.8 million this quarter -- over double its losses the same quarter last year. This also follows Q1 losses of $34 million for the company, bringing this red-soaked mess of a year to almost $69 million in losses.

Matt Booty, Midway's interim president and CEO, believes that Midway's lineup later this year, consisting of Blitz: The League II and Mortal Kombat vs. DC Universe, will "expand the audience beyond their core fan bases." We know it's sweet to try and make quotes from the Nintendo playbook, but we just don't have the heart to tell him that Midway isn't Nintendo. The financial rivers will continue to flow red as Midway expects another multi-million loss during Q3.