THQ Lost $240 Million Last Year
THQ announced its financial results for its fiscal fourth quarter and fiscal year ended March 31, 2012. THQ is in the midst of restructuring, and expected a serious loss despite strong sales of Saints Row: The Third. That said, THQ lost a truly spectacular amount of money, and is only beginning its turnaround effort. Read on for more details...
For its fiscal fourth quarter ended March 31, 2012, THQ reported a net loss of $53.238 million, compared to a net loss of $44.056 million in the same quarter the previous year. For the full year, THQ reported a net loss of $239.947 million compared to a net loss of $136.098 in the previous year. THQ tried to take focus off the loss and emphasize that the company exceeded its sales guidance, but it's hard to ignore a loss of nearly a quarter of a billion dollars.
The company is still working on a "realignment plan" that it expects will reduce expenses by $180 million per year, that includes reducing the company's involvement in licensed kids' titles. This restructuring created a non-GAAP expense of $62.8 million in the fourth quarter.
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