To say that earnings for THQ (NASDAQ: THQI) were bad is like saying that the United States has a little problem with its banking system. Did you see the publisher's latest report? Net sales on a non-GAAP basis for the third quarter fell substantially to about $357 million. Net loss on an adjusted basis was $0.14 per share. According to this source, the call was for a profit of $0.07 per share. Wow, were the analysts surprised on this one! Of course, can you blame them? I mean, this was the holiday quarter, after all. THQ should have done a little better.

I guess all those Sony (NYSE: SNE) PlayStation 3s and Microsoft (NASDAQ: MSFT) Xbox 360s and Nintendo (OTC: NTDOY) Wii consoles sold during the holiday didn't mean a thing for THQ. This publisher is starting to look a lot like the Titanic. I'm not saying it's going to disappear anytime soon, but when you decide to eliminate well over 20% of your workforce and cannot offer any kind of outlook, then you're in trouble.

Continue reading THQ posts loss in Q3, shares appropriately sold

THQ posts loss in Q3, shares appropriately sold originally appeared on BloggingStocks on Thu, 05 Feb 2009 18:00:00 EST. Please see our terms for use of feeds.