THQ records quarterly loss of $92.4m, sales of $146m
Publisher doubles both revenues and losses from same quarter last year
THQ has reported a loss of $92.4 million for the quarter ending 30 September, 2011, alongside revenues of $146 million, resulting in a loss per share of $1.32.
Both the sales and the loss figures are double what they were at the same time last year, when sales were $77.1 million and the bottom line was a loss of $46.9 million.
This quarter, sales were predominantly driven by Warhammer 40K: Space Marine and the company's uDraw tablet for Wii. For the future, expectations lay heavy on the shoulders of the Autumn's Saints Row: the Third, which THQ expects to net it a record quarter.
"We are encouraged that our second quarter performance exceeded our expectations, particularly in a quarter with a light release schedule," said CEO Brian Farrell.
"Our two biggest quarters of the year remain ahead of us, and we are focused on execution. In Q3 we are planning for the largest quarter in our history, in terms of sales and earnings, driven by Saints Row: The Third, the uDraw GameTablet, and WWE '12. With UFC Undisputed 3 launching in the fourth quarter, we are well-positioned to deliver a strong second half of fiscal 2012."
There was some positive news to be read from the balance sheet. Digital revenues were up 68 per cent year-on-year, a sector which the company expects to continue its growth. THQ has also arranged a new $75 million credit line with Wells Fargo for the coming period.
In the past year THQ has had to close a number of internal studios, including THQ Warrington and Homefront developer Kaos. The publisher also shelved its Red Faction franchise after a two-game reboot failed to generate sufficient sales.