THQ shares on the rise after major layoffs

/ 5 years ago

Following news that THQ is on track to report better than expected results for its fourth fiscal quarter the company’s shares have reached the highest point in two decades.

Bloomberg reports that the company has gained 38 percent to 62 cents as of 9:34 a.m New York time.

The 45 percent increase is THQ’s biggest since 1991, its shares peaked at $36.39 in April 2007 but have slumped 90 percent over the course of the last year.

Along with the “continued strong sales” of Saints Row: The Third higher than expected digital sales and better than anticipated sales of UFC Undisputed 3 have contributed to the turnaround.

THQ’s financial woes led to significant job cuts. The firm axed 118 jobs across Darksiders 2 developer Vigil and Company of Heroes maker Relic.

It also switched Warhammer 40,000: Dark Millenium from an MMO to a single player and multiplayer title.

Source: Bloomberg