THQ’s Loss Widens as Game Sales Decline
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Video game maker THQ Inc. reported a wider first-quarter loss after new titles failed to entice customers.
The loss was $12.2 million, or 19 cents a share, compared with a loss of $3.96 million, or 6 cents, a year earlier, the Agoura Hills company said. Sales fell 12% to $138.8 million.
Chief Executive Brian Farrell is contending with a surge in development costs at a time when consumers await the release of Sony Corp.’s PlayStation 3. The June release of the “Cars” game, based on the animated film from Walt Disney Co. and Pixar Animation Studios Inc., came too late to prevent a loss for the period, and “The Outfit,” a World War II shooting game released just before the quarter began, didn’t sell well.
Shares of THQ fell 43 cents to $22.12.
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