Wednesday, May 6, 2009

THQ Reports Loss

Agoura Hills-based video game maker THQ reported its yearly results Wednesday afternoon, reporting that it saw a net loss of $431.1M on sales of $830.0M. The losses were significantly higher than the $35.3M the firm lost on sales of $1,030.5M a year ago. For the quarter, the firm said it had a net loss of $96.9M on net sales of $170.3M, compared with a net loss of $34.5M on revenues of $187.0M a year ago. The firm reported that it now has 1,200 people in its product development organization, after it cut 600 people during its fourth quarter. Those previously announced cuts will save the company $220M in its fiscal 2010, the firm said in its earnings report.