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Finance

THQ to cut 200 jobs

Wed 07 May 2008 8:02am GMT / 4:02am EDT / 1:02am PDT
BusinessFinance

CEO Colin Slade says cost cutting and restructuring are needed to recover from recently reported losses

THQ's president and CEO, Colin Slade, has confirmed that approximately 200 jobs will be cut following the publisher's announcement of poor fourth quarter and financial year results.

Speaking in an analyst conference call, Slade explained how they planned to restructure and cut costs as a reaction to the Q4 results, which saw the company report a net loss of USD 34.5 million, or USD 0.52 per share.

"In terms of the restructuring action in the near term we're probably going to be taking at about 200 headcount," Slade told analysts.

"However, over the course of the year, we do expect to see overall headcount growth from around 2,400 as we exit this fiscal year to under 2,700 at the end of next fiscal year," he added.

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