THQ today updated its guidance for its first fiscal quarter in 2010, which ends June 30, as well as its entire fiscal 2010, ending March 30, 2011. Previously, the company had predicted non-GAAP first quarter net sales to be between $190 and $200 million. THQ has now lowered its first quarter guidance to between $155 and $165 million. The corresponding outlook for fiscal 2010 has been lowered from between $905 and $920 million to between $845 and $865 million.
The culprit for the guidance shift? "Lower-than-anticipated sales of UFC Undisputed 2010, and the strengthening dollar," according to THQ president and CEO Brian Farrell. Even though pre-orders were 50 percent higher than the 2009 iteration, noted Farrell, sell through of the 2.6 million shipped units has been "below [THQ's] expectations, and prior-year results."
Farrell sated that THQ has "a strong pipeline scheduled for release over the next three years" and asked that "everyone" try out its offerings on the E3 show floor. You can bet we'll be doing just that in the days ahead.