THQ released it’s financial numbers for the most recent quarter and the company posted a loss of around $40 million dollars. The losses continue to mount for the company which experienced a similar loss in the quarter one year ago. THQ blamed most of its poor first quarter performance on the poor performance of Red Faction: Armageddon as well as other factors that contributed to the losses.
THQ issued this statement concerning their numbers as well as forward looking statements about the games that remain in the pipeline for 2011 and beyond.
“We are disappointed in our first quarter financial performance. Sales of Red Faction: Armageddon and our licensed kids titles were below our expectations, and the late release of UFC Personal Trainer also adversely impacted the quarter,” said Brian Farrell, THQ President and Chief Executive Officer. “Despite a light first half, we are looking forward to a strong and profitable second half, including what we expect to be the biggest third quarter, both in revenue and earnings per share, in our company’s history, with proven franchises Saints Row, WWE and the uDraw GameTablet, all launching in November.”
Unfortunately, THQ also noted that they will not be carrying on with the Red Faction franchise “in any meaningful way”. Not good for fans of the franchise as Red Faction: Armageddon was a bit of a disappointment after removing many of the features that made Red Faction: Guerrilla a surprise hit *cough multiplayer. Though there are plenty of good games to look forward to from the publisher. Saints Row: The Third looks about as outrageous as they come for sandbox titles, and Metro: Last Light had an impressive showing at E3 2011.