THQ Suffers Net Loss of $239.9 Million
THQ has reported a net revenue loss of $239.9 million for fiscal year 2012.
In comparison, the company reported a loss of $136.1 million in FY 2011.
“We have made significant changes to our business, and are on track to execute our strategy of delivering quality connected core gaming experiences, beginning with the sequel to the award-winning Darksiders in August,” president and CEO Brian Farrell said in a THQ earnings statement.
Throughout last year, the company had to cut 240 employees and got rid of its kid licensed video games.
“The company exited the traditional kids’ licensed games business, and streamlined its product line, organization and cost structure to support a smaller company positioned for sustained profitability,” THQ said.
On the games side, THQ said that the Saints Row franchise has shipped 11 million units to date, with the last game shipping over 4.25 million.
Also, THQ said that the rebranding of WWE Smackdown vs. Raw 2011 to WWE 12 has helped increase sales and is here to stay.
“The successful rebranding of this annual franchise has led to higher sell-through to date,” the company said, “which is up approximately 20 percent on like-for-like platforms in North America versus the year-ago title.”