THQ plummets on grim forecast
From Times Wire Services
Shares of THQ Inc., the third-largest U.S. video-game publisher, had their biggest drop in more than five years in Nasdaq trading after lowering its forecast for sales this quarter and predicting a loss.
THQ fell $5.60, or 22%, to $19.50.
Sales will be $200 million in the three months ending March 31, less than the previous forecast of $240 million, the Agoura Hills-based company said. It expects a loss of 13 cents a share.
THQ is closing its Concrete Games studio and canceling some titles, including a version of “Destroy All Humans!” for Sony Corp.’s PlayStation 2 console, to focus on games most likely to increase sales.
