THQ inc. (NASDAQ: THQI) just posted earnings that it called in-line with previous guidance. The video game maker just posted $0.24 non-GAAP EPS on $509.6 million in revenues. First Call had estimates at $0.33 EPS on revenues of almost $503.3 million. The results today include already-noted charges of approximately $27 million in non-cash chargesrelated to canceling certain projects and approximately $20 million inaccelerated amortization expense.
The company is also guiding to -$0.06 EPS on a non-GAAP basis on sales of approximately $200 million. First Call has Next quarter estimates at $0.01 EPS on $211.4 million.
The company already killed its stock in January when its business charges also gave a look into lower guidance than many bulls were hoping for. Video games might not be entirely recession-proof, but the tapering off of the results versus expectations was something that traders were hoping was farther off than it is proving to be.
Shares closed down some 0.5% a $19.50 today, and shares are down almost 3% to $18.95 in after-hours trading. The 52-week trading range is $16.36 to $36.76.
Jon C. Ogg
February 5, 2008
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