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 Feb 2, 2012 - 4:45pm EST (Feb 2, 2012 16:45)

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.



Share

Comments
blog comments powered by Disqus
There are currently 0 members and 66 guests on the website right now.
Who's On?
Activity in the past 10 minutes:
  • 66 guests
Popular News this Month
Toy Box 2.0 in Disney Infinity detailed
Easier to build and share Toy Box creations

Posted 6 days ago by SpectralShock
Comments (0)

PS4 version of DayZ confirmed
The popular shooter will appear on Sony's console
6 days ago

Electronic Arts reveals EA Acces...
Play full select games from the publisher for $4.99 a month, plus more discounts
23 days ago

Disney Infinity: Marvel Super He...
New preorder bonuses for the toy hybrid sequel
27 days ago

EA Sports confirms NHL 15 game m...
Popular online modes EASHL and GM Connected not appearing in next gen version
2 days ago

Ultra Street Fighter IV arrives ...
Console versions in stores and PC content debut
16 days ago

Disney Infinity 2.0 gets PlaySta...
Collector's Edition and hardware bundle for upcoming sequel
29 days ago
Last 6 Months Platform
Other
1. Sony raises PS4 pricin...
Posted: 159 days ago
Author: SpectralShock

PC
2. Red Orchestra 2: Heroe...
120 days ago

Other
3. Guacamelee heading to ...
168 days ago

PC
4. Child of Light now ava...
113 days ago

PC
5. Ubisoft creating eBook...
125 days ago

Other
6. DBZ: Battle of Z adds ...
148 days ago

Other
7. Video Games Live: Leve...
176 days ago

Other
8. Final planned DLC for ...
155 days ago

PC
9. MotoGP 14 releasing in...
83 days ago

PC
10. Far Cry 4 announced
98 days ago
Latest Comments
EA Sports confirms NHL...
Aug 20, 2014 by PrototypeX85
It's a bummer that GMC is being...
 PrototypeX85

EA Sports confirms NHL...
Aug 20, 2014 by mugoldeneagle03
People have every right to...
mugoldeneagle03

Bloodborne - Gamescom...
Aug 19, 2014 by Tim Reid
Looks like Van Helsing meets...
Tim Reid

Cities: Skylines...
Aug 19, 2014 by tu
cities in motion 2 was a...
tu

The Witcher 3: Wild...
Aug 19, 2014 by JamesJay
Awesome!
JamesJay

pfooter
Advertisement ▼