THQ beats forecasts, still claims loss

THQ beats forecasts, still claims loss
Seth Tipps

By Seth Tipps

August 6th 2012 at 11:37PM

Good quarter for troubled publisher following massive restructure

THQ has reported non-GAAP net sales of $38.5 million for Q1 2013, beating previous guidance of $25-$30 million.

The company has struggled through hard times with an expensive and damaging corporate restructure which forced the closure of several studios, massive layoffs, and project cancellations.

But all this hardship has not been in vain, and the publisher posted its first profit in months with a GAAP net income of $15 million.

Still, THQ has opted to differ much of its revenue for the quarter, and claims a non-GAAP loss of $23 million.

“We have made significant progress reshaping the company," said CEO Brian Farrell

"With the changes implemented over the last several months, we are in a much better position today to deliver on our pipeline of games, beginning with Darksiders II, which launches next week in North America."

THQ has a strong lineup of titles for the coming year, and with any luck, good sales will mean that corporate restructure will take a new meaning as the company creates new jobs for the talented developers laid off in recent months.