THQ Loses $35.3M Across 2008, Sales Led by PS2

WWE and ATV game publisher THQ today posted a net loss of $35.3 million for its 2008 fiscal year, which concluded on March 31, 2008. The company's loss was mostly attributed to its fourth quarter performance, where it lost $34.5 million due to lower-than-expected sales of previously released games.

"In fiscal 2008, we did not achieve our revenue and profit targets and we are taking aggressive steps to ensure that we significantly improve execution in fiscal 2009 and beyond," said THQ president and CEO Brian Farrell.

The company provided a breakdown of its $1.3 billion revenue, revealing that PlayStation 2 software led 24.5% of the company's sales, with Nintendo DS games occupying 22% of that sum. Xbox 360 sales accounted for 12.6% of revenue and PC made up 9.1%, with Wii software representing 8.9% of the figure and PlayStation 3 making up 8.3%.

The company announced WWE Legends of Wrestlemania (PS3, X360) for release between January and March 2009, along with an adaptation of Dreamworks' upcoming Master Mind film for unspecified consoles in 2010.

"We believe our stronger fiscal 2009 product line-up is positioned to take advantage of the expanding demographic" said Farrell.

"Our line-up is anchored by Saints Row 2 and Red Faction Guerrilla, sequels to two of our most successful original franchises," he continued. "We are introducing two new promising original [Wii] brands, de Blob and Darksiders. And, we plan to launch new games based on our proven annual franchises: WWE SmackDown vs. Raw 2009, Disney/Pixar's Wall-E and a portfolio of Nickelodeon titles."

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