THQ Has "Challenging" 2009, Loses $431.1 Million

Publisher THQ announced its quarterly and annual earnings today, pulling in $830 million worth of revenue last year. That's down from the $1.03 billion the company made during its fiscal 2008, leading to substantial losses.

THQ saw a fiscal 2009 deficit of $431.1 million, losses way, way up from the $35.3 million the company lost in 2008. Some of that net loss is due to the company's restructuring (read: laying off hundreds, canceling games and closing down facilities), while some may simply be due to lowered revenue.

The publisher announced earlier this year that it was shaving off some $220 million in spending, leading to cutbacks of 600 employees and the shedding of studios like Big Huge Games, Juice Games and Paradigm Entertainment.

For the quarter ending March 31st, THQ saw $170.3 million in sales, losing $96.9 million. It pointed to sales of WWE Legends of Wrestlemania and Warhammer 40,000 Dawn of War II as key drivers.

On the more positive side, THQ reports that it has sold 2.8 million units of Saints Row 2 since launch and calls Dawn of War II "the best selling PC game across major video game markets worldwide."

For the company's fiscal 2010, it plans to release Red Faction: Guerilla, Darksiders, UFC Undisputed 2009, and MX vs. ATV, as well as games based on its Pixar, WWE, SpongeBob SquarePants and Marvel Super Hero Squad licenses. THQ has three additional "Mass Appeal/Family" titles still to be announced for the year.