THQ Swings to ProfitMonday, August 6, 2012
Video game maker THQ Inc. late Monday said it swung to a profit in its fiscal first quarter as it restructures its business.
The Agoura Hills company reported net income of $15.4 million ($2 a share), compared with a net loss of $38.4 million (-$5.63) in the same period last year.
Revenue fell 31 percent to less than $134 million, reflecting the studio’s effort to cut back game production in order to increase profitability.
Shares were unchanged in afterhours trading on the Nasdaq.