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
Call of Duty XP 2016 Images

E3 Conferences pics

E3 Day 1 images

Conference day at E3 2012

Online
There are currently 0 members and 104 guests on the website right now.
Who's On?
Activity in the past 10 minutes:
  • 104 guests
Best News this Month
Free PlayStation Plus games for April 2017
Shoot, fight, and battle your way through some free games next month

Posted 26 days ago
FlatOut 4: Total Insanity released on Steam
Newest entry in the destruction derby racing series is out today for PC
20 days ago
Porsche and Microsoft sign multi-year agreement for Forza...
The German car brand to feature in Forza Horizon 3 and future projects
12 days ago
Persona 5 ships over 1.5 million copies
The JRPG finds worldwide success with the latest entry
17 days ago
Free Games with Gold for May 2017
Star Wars and Lara Croft headline the free titles next month
3 days ago
Latest Comments
Persona 5 Review
Apr 24, 2017 by Tord Laudal
And here i was hoping to see it hit 95 on meta or...
Super Bomberman R gets free DLC
Apr 24, 2017 by dapperr
wow amazing patch more games need to be 60fps, if not at...
Free Games with Gold for May 2017
Apr 23, 2017 by eshcom
I have to say I'm quite underwhelmed, but we can't get...
Has-Been Heroes Review
Apr 20, 2017 by geroo
I feel like there's a good game in here but the balance...
Titanfall 2 gets free DLC next week
Apr 19, 2017 by JamesJay
still cant believe such a great game was again a victim...
New Game Network NGN Facebook NGN Twitter NGN Youtube NGN RSS