Ahead of its Q2 earnings expected November 1st, THQ has announced delays of a number of next-gen titles, including Destroy All Humans, Frontlines, and de Blob, as well as lower than expected shipments of recent releases, leading to a lowered fiscal 2008 outlook.
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THQ's share price fell by almost 18 per cent over the day yesterday after investors reacted badly to the company's Q3 financial results, in which it posted a USD 192 million loss, and stated its intention to cut 600 staff.
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In its conference call with investors to discuss THQ's holiday quarter sales, THQ president Brian Farrell has said that its 5th Cell developed DS platformer Drawn To Life is being prepped for a Wii release.
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Frontlines: Fuel of War PS3 SKU, and the PS2 SKU of an upcoming Destroy All Humans title were cancelled, and two unannounced 360 and PS3 games are also cancelled, together with Juiced and Stuntman IPs. Stuntman, Ratatouille and Conan had underperformed, while WWE and MX vs ATV games are better-than-expected.
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Despite recent high-profile M&A activity in the games industry, THQ boss Brian Farrell has said game makers don't need to buy up other companies in order to grow.
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AG Edwards initiated coverage of THQ with a "Buy" and $38 price target
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THQ boss Brian Farrell is confident of a turnaround for the wrestling games publisher, as analysts' chatter focuses on bankruptcy and acquisition. Talking to the LA Times, Farrell admitted the company is not as successful as it used to be, but a renewed focus on "fewer, better bets," will put it back at the top of its game. "Our strategy is to focus on bigger titles," said the CEO. "The formula is to make great games and market them effectively.
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New Office to Oversee XDG Global Operations and China Development Initiatives set up in Shanghai, Tim Page and Kevin Chu to Lead Publishing and Product Development Efforts
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from the release: THQ Inc. today announced that the Connecticut Superior Court has dismissed most of the (WWE)'s claims against THQ Inc. and THQ/JAKKS Pacific LLC. The Connecticut Superior Court dismissed all claims brought by WWE against THQ and THQ/JAKKS Pacific, LLC arising out of WWE's allegations that the videogame license between WWE and THQ/JAKKS Pacific LLC was void or voidable based upon JAKKS Pacific Inc.'s alleged bribery of WWE's licensing agents --
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"The chief executive of wrestling games publisher THQ has exercised options for 73,556 shares and sold 52,837 shares of stock, according to a filing at the Securities and Exchange Commission. Under a prearranged trading plan, advance sales can be set up by a company employee even if he or she possess non-public information."
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