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
Conference Days at E3 2016

Conference Day at E3 2011

E3 2017 - Conference Photos

Showfloor images from E3 2015

Online
There are currently 0 members and 78 guests on the website right now.
Who's On?
Activity in the past 10 minutes:
  • 78 guests
Best News this Month
Wolfenstein II: The New Colossus gets a free trial
Players can try out the shooter sequel with the first level

Posted 22 days ago
Free content planned for Gran Turismo Sport
New cars, offline GT League and more are being added to sim racer
21 days ago
Project Cars 2 gets a demo
Try the sim racing game with three cars and a single track
20 days ago
Killing Floor 2 Enhanced for Xbox One X
See the violent details of this co-op shooter in 4K
30 days ago
Valkyria Chronicles 4 announced
A new entry in the main series is coming next year
24 days ago
Latest Comments
Project Cars 2 Review
Dec 13, 2017 by mecanismo
Thank you for the excellent text...
Elex Review
Dec 13, 2017 by Sasha Kozak
Spot on, the companion ai and animations bugged me, but...
Conan Exiles full launch planned for May 2018
Dec 13, 2017 by fvxc
Haven't played since EA release. Has the game changed a...
Rainbow Six Siege has 25 million registered...
Dec 6, 2017 by vocaine
they have done indeed a great job with the post launch...
Life is Strange: Before the Storm gets bonus...
Dec 4, 2017 by Jesse Case
i agree with you even though i am one of those fans who...
New Game Network NGN Facebook NGN Twitter NGN Youtube NGN RSS