“Unfortunately, we were wrong.”
“Our confidence was misplaced.”
“Looking at fiscal 13 … were going to be a smaller company.”
“Were in the process of transforming THQ into a very different company.”
THQ is suffering from losing roughly $30 million on the uDraw tablet, and the damage it inflicted was clear in the voice of CEO Brian Farrell while he was reading off the third quarter fiscal 2012 earnings today.
Even with successful sales from Saints Row 3 and WWE 12, THQ is forced to lower its financial estimates for the fourth quarter of fiscal 2012, and couldn’t provide anything on 2013.
The Warhammer 40K MMO isn’t doing well either, THQ said it is “actively looking” for partners to help its development. It is still scheduled for a 2014 launch along with inSaNE and several other unannounced titles.
Unsurprisingly, the uDraw hardware has ceased production, for now, and THQ plans to move the remaining units through retail channels.
As announced previously, the publisher will be restructuring to focus on core franchise development, laying up to 240 off and cutting Farell’s salary by half.