Video game publisher THQ Inc. of Agoura Hills reported a wider fiscal first-quarter loss as it spent more to develop games such as Saints Row 2 and lowered its annual sales and profit forecasts.
THQ lost $27.2 million, or 41 cents a share, compared with a loss of $9.27 million, or 14 cents, a year earlier. Excluding some costs, the loss was 38 cents a share, beating the 39-cent average of analysts’ estimates compiled by Bloomberg. Sales in the period ended June 30 rose 32% to $137.6 million.
THQ shares fell 6.5% to $15 in extended trading after the results. The shares closed down 36 cents at $16.05.
The company forecast profit for the fiscal year ending March 31 of 80 cents to 90 cents a share, excluding some costs, on sales of $1.15 billion to $1.18 billion. That’s less than its May forecast for profit of 95 cents to $1.05 a share on sales of $1.18 billion to $1.2 billion.
For the second quarter, the company forecast a loss, excluding some costs, of 35 cents to 39 cents a share on sales of $160 million to $170 million. Analysts on average estimated profit of 13 cents on sales of $236 million.