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Earnings: THQ’s Losses Grow; Revenues Miss Consensus; Gets New CFO

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imageAnalysts are split on whether THQ (NSDQ: THQI) is poised to rebound, or still in decline — but the game publisher posted a $191.8 million net loss for Q4. That’s down $2.86 per share, in contrast to the previous year’s profit of $15.5 million and EPS of $0.23. Non-GAAP numbers were no better: a net loss of $9.6 million, or $0.14 per share in Q4, compared to a $26.4 million, $0.24 per share profit the previous year.

Revenues miss expectations: Like EA, holiday sales didn’t pump up THQ’s revenues as much as the company (or the Street) thought they would: revenues came in at $357.3 million, down almost 30 percent from $509.6 million in Q407. Wedbush Morgan analyst Michael Pachter rated the company’s stock a “Buy” on Tuesday, based on the consensus that revenues would come in at about $420 million, per; the investor note sent shares up by more than 12 percent, but the stock is down by 2 percent post-earnings.

New CFO, more layoffs: THQ announced that exec Paul J. Pucino had joined as EVP and CFO, replacing former CFO Colin Slade; Slade had been on medical leave since November. The change comes as the publisher digs into its restructuring strategy — which includes scaled back game development, studio closures and layoffs. THQ upped the staff cuts to about 600 people — or 24 percent of its workforce — from the 250 layoffs it had announced during Q3’s earnings. The company now hopes to save $220 million by the end of its fiscal year 2010.

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