RSS Feeds NGN on Facebook NGN on Twitter NGN on YouTube
Welcome, Guest. Login | Register | PW? ]
Header logo

THQ reports financial quarter results

Company announces business realignment as CEO salary halved and 240 are let go, Homefront 2 confirmed

Posted on
THQ has today reported financial results for the third quarter ended December 31, 2011, as well as taken drastic steps in the company's ongoing realignment strategy.

The recently announced business strategy is to exit the traditional kids' licensed video game category and focus on core game franchises. As part of this, the company has plans to lay off up to 240 selling, general and administrative personnel worldwide between now and September 2012. Not only that, CEO Brian Farrell will take a pay cut for the year starting February 15, which reduces his salary from $718,500 to $359,250. His salary will go back up the next year.

Not all is bad though. With third quarter shipments of approximately 3.6 million units (life to date 3.8 million units), Saints Row: The Third is the largest owned-IP launch in THQ's history. WWE '12 also shipped more than two million units in the quarter, in line with the expectations. THQ was the #5 publisher in the U.S. in 2011, but with a mere 5.4% market share.

"Saints Row: The Third and WWE '12 demonstrate the strengths of THQ's core gaming capabilities. These titles performed at or better than the expectations we shared during our last investor conference call, driven by favorable critical reviews, community engagement and outstanding marketing efforts," said Brian Farrell, THQ President and CEO. "Sales of the uDraw GameTablet and related software, and other titles in the kids, family and casual category were far weaker than anticipated, substantially reducing our financial results for the quarter."

Looking to the future, THQ confirmed Darksiders II shipping in June, while Metro: Last Light and Devil's Third are set for late 2012/early 2013. In 2013, the company expects to ship Homefront 2 from Crytek (now official), Warhammer 40K-based MMO from Vigil and Relic (despite cancellation rumours), as well as two unnamed games from Turtle Rock Studio and newly formed THQ Montreal, respectively.

Comments
blog comments powered by Disqus
Game Screens
Showfloor images from E3 2016

Showfloor images from E3 2013

Showfloor images from E3 2014

Conference Day at E3 2011

Online
There are currently 0 members and 100 guests on the website right now.
Who's On?
Activity in the past 10 minutes:
  • 100 guests
Best News this Month
More clubs join partnership with PES 2018
Fulham FC and Valencia CF are on board as official partners

Posted 12 days ago
Sine Mora EX out in August
The updated edition of the shoot 'em up game will be released in a few weeks
29 days ago
Free Games with Gold for August 2017
Fight, race, and blast your way through next month's free games
25 days ago
Free PlayStation Plus games for August 2017
A variety of titles from across multiple genres up for grabs in the last month of summer
24 days ago
Batman: The Enemy Within announced
The second Batman season from Telltale Games will debut next month
31 days ago
Latest Comments
LawBreakers Review
Aug 19, 2017 by Malky
Having a great time with this, but yeah I wish there were...
Crackdown 3 delayed to spring 2018
Aug 18, 2017 by dapperr
this sucks. xbox one had a terrible 2017.... almost no...
Call of Duty: WWII Private Multiplayer beta...
Aug 15, 2017 by geroo
i hope this is coming to other platforms later as...
Battle Chasers: Nightwar - The Gathering Animated...
Aug 13, 2017 by JamesJay
totally dig this!
Dragon's Dogma: Dark Arisen releases on Xbox One...
Aug 12, 2017 by fvxc
a very underrated game, the dark arisen re-release was...
New Game Network NGN Facebook NGN Twitter NGN Youtube NGN RSS