Funcom Chief Financial Officer Olav Sandnes has resigned following an announcement that the company had an operating loss of $23.3 million for the fourth quarter. What's to blame? Age of Conan. GameIndustry.biz has the full story.

"While Funcom's cash position remains robust at USD 39.4 million, the company reported a full-year net loss of USD 33.8 million. According to estimates by DnB NOR Markets, subscriber levels for Age of Conan are below 100,000, reports E24. However, revenues in the fourth quarter of 2008 rose to USD 8.7 million, up from USD 1.2 million year-on-year, due to subscription revenues from the MMO."

Of course, this news comes not long after last year's resignation of Funcom co-founder Gaute Godager, who left because he was "dissatisfied" with the MMO. According to the GameIndustry.biz article, Funcom predicts revenues of $6-8 million in the first quarter of 2009 from Age of Conan subscriptions.