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Thursday, Mar 28, 2024

Weak Sales Leads to Revenue Restatement for THQ

Poorly selling racing games led THQ Inc. to restate revenues for the second quarter and for its full fiscal year. The Agoura Hills-based video game publisher expects revenues in the $229 million range for the second quarter ending Sept. 30. The previous stated revenue guideline was $240 million. For the fiscal year ending March 31, 2008 the company expects revenues of $1.06 billion. The previous guideline range was $1.12 billion to $1.15 billion. The company also restated revenue projections for the third and fourth quarters as well. Weak sales for “Stuntman: Ignition” and “Juiced 2: Hot Import Nights” were behind the change in second quarter revenues. Additionally, game titles originally scheduled for release in fiscal 2008 “Destroy All Humans: Path of the Furon” and “Frontlines: Fuel of War” will be made available in fiscal 2009. “We believe the additional time will enable us to create the best products for our customers,” said THQ President and CEO Brian Farrell. THQ shares closed Monday at $23.88.

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