THQ enjoyed a bit of good news as the videogame publisher reorganizes: an unexpected uptick of revenue thanks to hits “Saints Row: The Third” and “UFC: Undisputed 3.”
Company will announce net sales of $160 million-$170 million, compared with a prior range of $130 million-$150 million, THQ said, before it reports fourth-quarter earnings on May 15 for the period that ended March 31. Losses are also expected to come in lower.
Mobster game “Saints Row” shipped more than 4 million copies, while sales of the third “UFC” game are better than expected, THQ execs said.
Company has struggled to launch hits as it tries to reorganize through layoffs (more than 550 have been let go since August), the shuttering of six of its 11 development studios and the cancellation of projects. Releases like “Red Faction
” and “uDraw” didn’t appeal to gamers.
It no longer makes licensed console games for kids, including those from Disney’s Pixar, Viacom’s Nickelodeon and Mattel. Such games were once the company’s core business.
THQ is now valued at around $35 million, a far cry from the $2 billion at its peak in 2007.
The stock closed up 27% Wednesday at 57¢.