THQ Inc. (NASDAQ: THQI) shares tumbled in today’s trading, continuing yesterday’s slide stemming from negative reviews on the company’s “Homefront” war game.
Out of a possible 100, the game received a score 75 by Metacritic, a Web site that tracks gaming reviews.
The game takes players into the year 2027 for a battle featuring a North Korean army occupying the United States, Japan and Southeast Asia. The issueis in the game’s fictitious content, which is strikingly similar to the true life increased tension on the Korean peninsula.
The company reported a net loss of $(14.95 million) or $(0.22) per share for the third quarter as compared to a net income of $542,000 or $0.01 per share in the prior-year quarter. The adjusted net income for the quarter grew to $28.50 million or $0.37 per share from $26.63 million or $0.35 per share in the year-ago quarter. The net sales for the quarter dropped to $314.59 million from $356.67 million last year. The adjusted revenues, excluding change in deferred revenue, declined to $323.12 million from $356.67 million in the same quarter last year.
For the full year, the company reported a net loss of $92.04 million or $1.36 per share as compared to a net income of $1.38 million or $0.02 per share in the prior year. The adjusted net loss for the year was $26.45 million or $0.39 per share as compared to adjusted net income of $8.25 million or $0.12 per share in the year-ago quarter. The net sales for the full year dropped to $541.02 million from $701.47 million in the previous year.
The company expects adjusted earnings in a range of $0.05 to $ 0.15 per share, on adjusted quarterly sales between $245 million and $260 million. Previously, the company estimated adjusted earnings of $0.35 to $0.45 per share and adjusted net sales of $295 million to $310 million.
The company currently anticipates adjusted net loss in the range of $0.25 to $0.35 per share, on annual adjusted net sales between $800 million and $815 million. The company earlier had expected an adjusted loss of $0.10 to $0.20 per share and an adjusted net sales of $825 million to $855 million for the full year.
THQ stock is currently trading at $4.66. The stock is down 0.64% from its previous close. THQ stock touched the high of $4.69 and lowest price in today�s session is $4.65.
The company stock has traded in the range of $3.33 and $8.29 during the past 52 weeks. The company�s market cap is $318.44 million.
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