THQ's Q2 performance below expectations |
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Before the fiscal year 2006 wrapped up, analysts had already predicted that game publisher THQ would experience dramatic growth in fiscal 2007 with a strong crop of upcoming video games for all major gaming platforms. Don't look now, however, because the analysis on THQ's future may have been a wee bit premature.Figures from the latest THQ press release entailing details of its Q2 2007 performance ending September 30, 2007 reveal that THQ has performed significantly below expectations. Pointed out as reasons were release delays and lukewarm consumer response to the games which made the launch cut.
THQ pointed at Stuntman Ignition (Microsoft Xbox 360, Sony PS3, Sony PS2) and Juiced 2: Hot Import Nights (PC, Sony PS3, Microsoft Xbox 360, Sony PSP, Nintendo DS) as the titles that did not do as well in the market as the company would have wanted to. Also pointed at is the delay of games Destroy All Humans! and Frontlines (Microsoft Xbox 360, Sony PS3) to fiscal 2009.
"We are disappointed that our latest editions of Juiced and Stuntman did not perform to expectations," said Brian Farrell, president and CEO of THQ. He stated further:
Because of THQ's commitment to delivering quality products, we have moved the PS3 and Xbox 360 versions of Destroy All Humans!, and the PS3 version of Frontlines into fiscal 2009. We believe the additional time will enable us to create the best products for our customers.
"We are looking forward to this holiday season, with our proven line up, led by WWE SmackDown vs. Raw 2008 on six platforms," adds Farrell. "Importantly, we expect fiscal 2009 to be a very strong year, as we benefit from a solid product slate, including Disney/Pixar's Wall-E, Red Faction 3, Saints Row 2 and our first games based on the UFC."
THQ raked in an estimated US$ 229 million during Q2 2007, which resulted in a US$ 0.11 loss per share. The holidays, however, are expected to breathe in more monetary life as some US$ 490 million are expected by THQ to flow in.
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