THQ Reports Fiscal 2009 Q3 Results, Plans to Cut 600 Jobs
THQ announced today financial results for the fiscal third quarter ended December 31, 2008. The company posted a net loss of $191.8 million and Q3 revenue fell 30 percent to $357.3 million. As a result it has decided to take some bold actions that will reduce planned fiscal 2010 spending by $220 million and headcount by approximately 600 people, or about 25% of its workforce.
THQ also announced a new chief financial officer to replace Colin Slade, who remains on indefinite medical leave. The company named Paul Pucino to take on Slade's job.
During the conference call to discuss its Fiscal 2009 Third Quarter financials, THQ said its goal is to make money by getting core games right, while continuing with casual games development. Those core games are Red Faction: Guerrilla, Darksiders, Legends of WrestleMania and UFC 2009. The publisher confirmed that it will publish the kid-friendly Marvel Super Hero Squad video game.
