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Thursday, Mar 28, 2024

THQ Reports Net Loss in Q2

Poor games sales ate into the revenue and profits of video game publisher THQ Inc. The Agoura Hills-based company reported a net loss of $7 million, or a loss of $0.03 per diluted share, on revenues of $229.3 million for the quarter ending Sept. 30. For the same period in 2006, the company had a net income of $11.6 million, or $0.25 per diluted share, on revenues of $240.2 million. Last month the company announced a restating of its revenue guidance for the second quarter and the full 2008 fiscal year because sales of Stuntman: Ignition” and “Juiced 2: Hot Import Nights” did not meet expectations. In addition, THQ delayed the release of titles originally scheduled for fiscal 2008 “Destroy All Humans: Path of the Furon” and “Frontlines: Fuel of War” and instead will release the games in fiscal 2009. The company expects a solid second half to drive a 13th consecutive year of revenue growth, President and CEO Brian Farrell said.

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