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

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 Day at E3 2014

Conference Day at E3 2014

Conference Day at E3 2013

Conference Day at E3 2014

Online
There are currently 0 members and 67 guests on the website right now.
Who's On?
Activity in the past 10 minutes:
  • 67 guests
Best News this Month
Disney Infinity: Toy Box Starter Pack 2.0 launches
Disney-themed starter pack and Disney Originals figures now available

Posted 19 days ago
Konami reduces Metal Gear Solid V: Ground Zeroes retail p...
New price of $19.99 for boxed console versions
24 days ago
Pro Evolution Soccer 2015 soundtrack detailed
Popular and upcoming artists provide music for the annual football game
18 days ago
Ubisoft announces system requirements for Assassin’s Cr...
High-end PCs needed to run the next-gen Assassin’s Creed game
30 days ago
Games with Gold for November 2014
Hack-and-slash platformer plus fully destructible open world
23 days ago
Latest Comments
Hero of Many Review
Nov 21, 2014 by Evan Witt
Don't get me wrong: it's not the mechanic or the...
Hero of Many Review
Nov 21, 2014 by JamesJay
I think you've dived too deep in this one (yes that's a...
Rocksmith 2014 Edition out now for new consoles
Nov 16, 2014 by JamesJay
That's strange, are you sure? Ubisoft themselves said it...
Rocksmith 2014 Edition out now for new consoles
Nov 16, 2014 by David Jenkins
DLC purchased for XBOX 360 is NOT compatible with XBOX...
Just Cause 3 announced
Nov 16, 2014 by Tim Reid
Burnout meets Just Cause 2, I am so up for this
New Game Network NGN Facebook NGN Twitter NGN Youtube NGN RSS