THQ has recorded a loss of $14.9 million in the third quarter ending December 31, 2010. The publisher has cancelled the upcoming Company of Heros Online and WWE Online games, which cost them $9.9 million.
While Company of Heroes Online and WWE Online have been cancelled, they are still planned to be released as free-to-play titles in Asian markets.
Sales were also down to $314.6 million for the quarter. However, the publisher managed to ship 2.7 million units of WWE Smackdown vs Raw 2011 and THQ CEO Brian Farrel was optimistic for the new fiscal year.
"THQ is poised for significant net sales and earnings growth in fiscal 2012 as a result of aggressive investment in owned intellectual properties and major franchises, a lean cost structure, and growing digital revenues," said Farrel.
"Fiscal 2012 will be driven by the strongest core games line-up in our history, including: Red Faction Armageddon, Warhammer 40,000 Space Marine, MX vs. ATV Alive and the newest instalment of our Saints Row franchise."