THQ misses targets in third quarter

SAN FRANCISCO (MarketWatch) -- THQ Inc. reported lower-than-expected revneue for the December quarter on Thursday afternoon, with adjusted earnings per share coming in well below Wall Street's forecasts, thanks to weak sales of kids and casual videogame titles. For the third fiscal quarter, THQ reported a net loss of $55.9 million, or 82 cents a share, compared to a net loss of $14.9 million, or 22 cents per share, for the same period the previous year. On a non-GAAP basis, the company said it would have earned $24 million, or 35 cents a share, for the period. Sales on a non-GAAP basis came in at $404.4 million. Analysts were expecting sales of $417.6 million with earnings of 65 cents a share for the period, according to consensus estimates from Thomson Reuters. THQ shares were down nearly 20% in after-hours trading following the report. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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