THQ posts profit on strength of UFC 2009 Undisputed game sales
But the Agoura Hills company took an 7.3% hit in after-hours trading after the company’s second-quarter sales forecast disappointed Wall Street analysts.
THQ posted a first-quarter profit of $6.4 million, or 9 cents a share. This is up from last year’s first-quarter loss of $27.2 million, or 41 cents. Net sales jumped 77% to $243.5 million from $137.6 million.
“We reported the highest June-quarter net sales and net income in our history, driven primarily by the success of our hit title UFC 2009 Undisputed," said Brian Farrell, THQ president and chief executive, in a statement.
This is good news for a company that has been struggling for the last year, hemorrhaging cash as its games failed to connect with owners of video game consoles such as Nintendo Co.’s Wii and DS, Microsoft Corp.’s Xbox 360 and Sony Corp.’s PlayStation 3.
-- W.J. Hennigan