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Friday, Mar 29, 2024

Weak Sales Hurts THQ

Video game publisher THQ Inc. fell short of its revenue targets for its just completed fiscal year, the company announced. In response, the Agoura Hills-based company has taken measures to roll out a stronger title line and improve its quality line and competitiveness to improve its finances in fiscal 2009. Weak sales of certain game titles led THQ to report a fourth quarter net loss of $34.5 million, or $0.52 per diluted share, on revenues of $187 million. For the same period in 2007, the company reported a net income of $6.5 million, or $0.10 per diluted share, on revenues of $172 million. For the full fiscal year, the company reported a net loss of $35.3 million, or $0.53 per diluted share, on revenues of $1.03 billion. For fiscal year 2007, the company reported a net income $68 million, or $1.05 per diluted share, on revenues of $1.02 billion. THQ anticipates improved sales in fiscal 2009 from the sequels of its popular Saints Row and Red Faction Guerilla franchises; new titles for the Nintendo Wii platform; and the introduction of new original brands, de Blob and Darksiders.

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