THQ Shares Jump on Earnings Pre-ReleaseWednesday, April 18, 2012
Shares of THQ Inc. soared more than 35 percent Wednesday morning after the struggling video game developer said it expects to report a smaller-than-expected loss for its fourth quarter.
The Agoura Hills company, which has been laying off staff and streamlining operations for several months, said it expects to report an adjusted net loss of between 10 cents to 20 cents a share for the period ended March 31. Its previous forecast anticipated a loss of 35 cents to 50 cents.
Net sales are expected to be between $160 million and $170 million, compared with earlier guidance of $130 million to $150 million. Sales have been driven by the latest release in its “Saints Row” series, the company said.
The company is scheduled to report results on May 15.
Shares were up 16 cents, more than 35 percent, to 61 cents in midday trading on the Nasdaq.