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%.
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