THQ Inc. on Wednesday reported a wider first-quarter loss as it spent more to develop games. It also lowered its annual guidance.
The net loss of $27.2 million (-41 cents per share) was nearly three times the loss the company reported the same period a year earlier. THQ attributed some of the loss to costs of developing and marketing its "Saint's Row 2" game.
Sales for the Agoura Hills-based videogame developer jumped 32 percent to $138 million. However, excluding deferred revenue from certain online-enabled games, sales totaled $121 million for the quarter.
For the second quarter, THQ forecast a loss of 35 cents to 39 cents on sales of $160 million to $170 million. For the year ending March 31, the company said it saw a loss of 80 cents to 90 cents on sales of $1.15 billion to $1.18 billion. That's less than the company's previous forecast of a loss of 95 cents to $1.05 on sales of $1.18 billion to $1.2 billion.
Shares in THQ closed down 2.2 percent to $16.05 but quickly dropped 11 percent in after-hours trading.
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