THQ cancels Conrete Games studio, cancels title
New York (NY) - Shares of THQ Inc. fell to their lowest point in almost three years Thursday after the video game publisher slashed its forecasts, canceled development of two games, discontinued two others, and shuttered one of its studios.
The Agoura Hills, Calif., company lowered its profit forecast for the fiscal third quarter due to write-downs on games that are selling poorly, along with charges related to stopping development of two titles and versions of two others. THQ will also closing its Concrete Games unit.
THQ said it decided not to pursue two of its intellectual properties, and cut its revenue outlook for the fiscal fourth quarter.
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