Recently, Signal Hill analyst Todd Greenwald forecast that THQ sold less than a million units of its new IP Darksiders. Today, as part of its third-quarter fiscal announcement, THQ said that it shipped 1.2 million units of the game within four weeks. Shipments, of course, are not the same as sold through to consumers, but it seems like a solid start for a new IP during a very busy calendar Q1.
Overall, THQ's revenues for the holiday quarter ended December 31 were essentially flat at $356.7 million. Importantly, the publisher posted net income of $542,000, or $0.01 per share, compared with a net loss of $191.8 million, or $2.86 per share, a year earlier. This is a vast improvement, and would seem to indicate that the company's plan to restructure has been working.
"We are pleased to report solid profitability in the third quarter and we are on track to achieve all of our fiscal 2010 financial targets that we announced at the beginning of the fiscal year,” said THQ President and CEO Brian Farrell. “This marks a significant turnaround for THQ in just one year and underscores the success of our focused strategy and reduced cost structure."
He continued, "In addition to meeting our financial targets, we launched two new franchises, UFC and Darksiders, and significantly strengthened our balance sheet. We also secured new long-term license agreements and continued to migrate our brands to digital platforms in order to drive THQ’s growth over the next several years."
Complementing its heavy licensed games business, THQ is definitely moving in the right direction in terms of generating its own solid franchises. UFC and Darksiders now join a growing portfolio of owned brands, including de Blob, Drawn to Life, MX vs ATV, Red Faction and Saints Row. Having a great stable of owned IP is what could make THQ more appealing to potential suitors.
In related news, THQ today also announced a rebranding of two studios to enhance its focus on creating digital games.
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