THQ Inc., maker of the WWE wrestling and SpongeBob SquarePants video games, reported a wider fiscal fourth-quarter loss after a $220-million cost-cutting campaign to eliminate jobs and close studios.
The net loss of $96.9 million, or $1.44 a share, compares with a loss of $34.5 million, or 52 cents, a year earlier, THQ said. Sales in the period that ended March 31 fell 9% to $170.3 million.
Excluding some items, the shortfall was 54 cents, larger than the average 33-cent deficit projected by analysts in a Bloomberg survey.
Chief Executive Brian Farrell, facing a fifth straight quarterly loss, recently completed cuts that included the elimination of a quarter of the company's staff.