THQ shows major loss, will fire 600

Wednesday, 4 February 2009 23:41 GMT By Patrick Garratt


THQ’s the latest publisher to announce horror end-year financials today, revealing a $191.8 million loss for the three months ending December 31.

Sales for the period were $357.3 million, a year-on-year drop of 30 percent.

The company had already confirmed it was to drop 250 staff, but extended the redundancies today to 600, 24 percent of its total workforce.

The move should cut costs by $220 million in fiscal 2010, said the firm.

“Our focus for next fiscal year is to return to profitability and to generate cash,” CEO Brian Farrell said in a statement. “Our fiscal 2010 plan will reflect the benefits of our focused product strategy and strong actions on costs.”