THQ Reports $30 Million Loss

It’s financials week in the world of videogames and this evening THQ reported a $30.1 million loss compared to profits of $6.4 million for the same period last year.
The slump has been attributed to poorer than expected sales of UFC Undisputed 2010 which sold 2.7 million units during the financial quarter and the fact that they did not have a quality action title as they did in the same period last year with Red Faction Guerrilla.
THQ has reported net sales of $160.3 million compared with $233.9 million a year ago.
THQ President and CEO Brian Farrell commented, “During the quarter, we continued to bring superior quality games to market, with UFC Undisputed 2010 achieving an 85 Metacritic rating. We also delivered our most critically acclaimed E3 showing ever with a strong line-up of games in development, several of which are based on proven long-term franchises. Our goal this fiscal year continues to be to position THQ for growth in fiscal 2012 and beyond.”
“We are excited about the opportunity for industry growth provided by rapidly expanding online markets and new gaming platforms such as Kinect, Move and Nintendo 3DS. We are developing franchises on these new gaming platforms and we are increasing our investment in online and digital gaming to benefit from these emerging markets.”