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Tuesday, Oct 4, 2022
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THQ Moves To Loss

Video game maker THQ Inc. late Monday reported a smaller-than-expected fiscal first quarter loss, but warned of weaker results for the current quarter because no major new titles are set for release.

After the markets closed, the Agoura Hills company reported a net loss of $30.1 million (-44 cents a share), for the quarter ended June 30, compared with net income of $6.4 million (9 cents) a year earlier.

Revenue fell 31 percent to $160 million. The company had only one major new release, “UFC Undisputed 2010,” in the second quarter, compared with two releases a year earlier.

Excluding one-time items, the company had an adjusted loss of 21 cents a share. Analysts surveyed by Thomson Reuters on average had expected an adjusted loss of 24 cents, with revenue of more than $161 million.

THQ, whose video franchises include “Saints Row” and “WWE Smackdown vs Raw,” is expecting to report a fiscal second-quarter adjusted loss of 60 cents to 65 cents a share, on sales of $60 million to $70 million. The average analysts forecast is for an adjusted loss of 35 cents a share on revenue of $88.5 million.

Shares earlier closed down 20 cents, or 4 percent, to $4.38 on the Nasdaq and fell another 3 percent in after-market trading.

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