THQ Claims Financial Turnaround, Reports Reduced Net Loss

THQ Inc. has today posted a lengthy breakdown of its financial performance for the fourth quarter and fiscal year ending March 2010.

Amongst the stat-heavy tables and financial jargon, the press release states that “For the twelve months ended March 31, 2010, THQ’s net sales rose 8% to $899.1 million [USD], compared with net sales of $830.0 million [USD] a year ago.”

However, it also notes that “The company reported a net loss of $9.0 million [USD].”

In February last year, THQ laid off 600 employees (roughly 24% of its entire workforce), which may partially explain why the company’s net loss is drastically lower than the $431.1 million USD reported in 2009.

Speaking to Gamasutra, THQ CEO Brian Farrell mentioned that post-apocalyptic FPS Metro 2033 had been “a very profitable title for us,” which presumably contributed to the improvement in sales. UFC, Darksiders and Red Faction were also cited as successful franchises.

Despite the upward momentum, this marks the third fiscal year in a row that THQ has posted a net loss. In 2008 this was reported to be $35.3 million USD.