|THQ suffers losses double over last year, expects holiday bonanza|
|Posted: 03.11.2011 00:47 by JonahFalcon||Comments: 7|
THQ has lost twice as much as last year, but the publisher states it's prepared for a holiday bonanza.
According to the second quarter earnings report for the period ending on September 30, sales doubled from $77.1M USD in 2010 to $146M USD in 2011. However, with the doubled revenue comes a double net loss in the same period from year-to-year. THQ lost $47M USD in 2010 over the quarter last year, and lost $92.4M USD this year.
However, THQ is expecting major sales this coming holiday season. According to THQ CEO Brian Farrell: “We are encouraged that our second quarter performance exceeded our expectations, particularly in a quarter with a light release schedule. Our two biggest quarters of the year remain ahead of us, and we are focused on execution."
Farrell expects titles like Saints Row: The Third, WWE '12, UFC Undisputed 3 and the recently announced Apples to Apples to bring in major revenue over the final two quarters of the fiscal year.
In addition, THQ is making headway in digital sales and social networking games. Digital revenue in the first half of the year in 2011 were 68% higher than the same period in 2010, thanks to such games as Margaritaville Online, a Facebook social networking game. THQ is hoping that the Facebook version of Apples to Apples will enjoy the same success. It is due to be released in December.