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THQ Posts $47 Million Loss For Quarter

by Matt Helgeson on Nov 03, 2010 at 11:40 AM

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THQ released its financial results for the second quarter of the fiscal year 2011 ending September 30th, and the news is not good. Net sales were $77.1 million, down from $101.3 million in the same quarter last year. The company also revealed that it had lost $47 million dollars in the second quarter.

This loss was blamed on a lack of titles, but THQ CEO Brian Farrell promised this would change in the upcoming year.

“This holiday begins the consistent flow of quality products that we've been investing in over the past two years," said Farrell in a press release. Some of the upcoming products the company expects to boost its bottom line include WWE Smackdown vs. Raw 2011, Homefront, WWE All-Stars and its uDraw GameTablet peripheral for Wii.

He also referenced THQ's extension of its UFC license through 2018 and the company's recent signing of Patrice Désilets, the creator of the Assassin's Creed franchise.