THQ Drops Most in Five Years After Predicting Loss
THQ Inc. (THQI), the third-largest U.S. video-game publisher, had its biggest drop in more than five years in Nasdaq Stock Market trading after lowering its forecast for sales this quarter and predicting a loss.
THQ fell $5.60, or 22 percent, to $19.50 at 4 p.m. New York time, its lowest in more than two years.
Sales will be $200 million in the three months ending March 31, less than the previous forecast of $240 million, the Agoura Hills, California-based company said yesterday. It said it expects a loss of 13 cents a share.
THQ is closing its Concrete Games studio and canceling some titles, including a version of ``Destroy All Humans!'' for Sony Corp.'s PlayStation 2 console, to focus on games most likely to increase sales.
To contact the reporter on this story: Wayne Ma in New York at firstname.lastname@example.org.
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.