THQ, Activision report higher revs
Vidgame publishers THQ and Activision both reported largely positive, but abbreviated, earnings in the midst of ongoing investigations into backdated stock options.THQ revenue rose 68% from the same quarter a year ago to $240.2 million on strong sales for its “Grand Theft Auto” copycat “Saint’s Row” and its adaptation of Disney toon “Cars.” Net income was $12.6 million, up from a $1.4 million loss last year. Company warned, however, that earnings may be altered once it completes its investigation into stock options that were improperly backdated. Activision saw its revenue fall 15% to $188.2 million, still well ahead of previous guidance. It didn’t report net income, as it expects the figure could change significantly once it completes its similar internal investigation. Both publishers said they expect a strong holiday season.
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