THQ Lost $240 Million Last Year

Publishing giant THQ has announced an annual loss of just under $240 million, despite the fact that it wasn't far off generating a billion dollars in revenue. However the problems at THQ have been known about for some time, with the past few months highlighting a serious downturn in the company's fortunes.

It was announced in February that almost 200 staff would be dropped, mostly from external studios. That rumour quickly expanded though to include internal ones, forcing THQ to change the Warhammer 40,000 Dark Millenium MMO into a traditional RPG, simply to get the game finished.

There was also the fallout with Adidas over the unfinished game based on the fitness app. Still, that's all sorted out now.

Despite this latest news and the rocky past few months, THQ boss Brian Farrell has been remaining relatively upbeat. He said: "We exceeded our initial fourth quarter guidance for net sales, earnings and cash position, driven by high quality core games with a significant digital component, which is the blueprint for our future.

"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."

As part of the investor call, it was also revealed that THQ's game lineup for the rest of the year had changed. It would no longer be publishing Devil's Third and that the South Park RPG had been pushed back to the end of the year.

Source: Eurogamer