THQ Losses Widen In Q2, Despite Sales Uptick From Space Marine
THQ on Wednesday reported a deeper quarterly loss for its second quarter ending September 30, losing $92.4 million versus $47 million during the previous year's quarter.
The losses came despite a rise in revenues: the $146 million it reported represents an 89 percent increase from the $77.1 reported during its fiscal 2010 Q2.
Revenues were far ahead of analyst estimates, which averaged at $104.2 million. According to the company, the disparity was due to better-than-expected sales of its Warhammer 40K: Space Marine, which shipped 1.2 million copies during the quarter.
In addition to beating analyst estimates, the company's quarter also beat its own guidance.
"We are encouraged that our second quarter performance exceeded our expectations, particularly in a quarter with a light release schedule," said president and CEO Brian Farrell.
"Our two biggest quarters of the year remain ahead of us, and we are focused on execution."
The company revealed that digital revenues for the six months ending September 30 were 68 percent higher than during the same six months one year ago.
Looking forward, the company is projecting its biggest Q3 ever on the backs of Saints Row: The Third and its line of uDraw games and accessories. Its guidance currently calls for revenues of $510 to 550 million.