Shares of THQ Inc. jumped more than 21 percent on Friday, after the Calabasas Hills-based video game publisher trimmed its second-quarter loss on a 48 percent surge in sales, beating estimates.
Shares of the THQ soared 16.7 percent to $23.08 on Friday after rising as high as $23.98. Trading was at nearly four times the average daily volume.
Late Thursday, the company reported a second-quarter net loss of $1.4 million (2 cents per share), compared with a loss of $6.4 million (11 cents) for the like period a year earlier. Revenue rose 48 percent to $142.7 million.
Analysts had expected a 6 cent per share loss on revenue of $127 million.
Investors were also encouraged when THQ matched third-quarter earnings estimates and raised its full-year revenue outlook.
The company said it expects third-quarter earnings of about 65 cents per share on revenue of $320 million, just missing the consensus estimate of $322.89 million. THQ reaffirmed its full-year forecast, anticipating earnings of approximately 67 cents per share, and raised its revenue guidance to approximately $770 million from a previous estimate of $750 million.
Analysts forecast full-year earnings of 69 cents per share on revenue of $761.43 million.
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