Agoura Hills, Calif. - Video game developer and publisher THQ (NASD: THQI) has announced plans to cut 600 jobs, or about 24% of its staff, as part of a plan to reduce costs by $220 million in the coming fiscal year.

The company posted a loss of $191.8 million for its fiscal third quarter ended Dec. 31, and saw sales plummet 30% to $357 million.

"We delivered high quality games to market this holiday season but fell short of our revenue and profit targets in this challenging environment," said THQ president Brian Farrell.

THQ already announced plans in November to cut 250 jobs, cancel several titles already in development, and close five of its studios.

The company aims to slash $70 million from its budget through the layoffs and studio closures, and another $30 million by cutting sales and marketing expenditures.

THQ also announced that it has named Paul Pucino as its chief financial officer, replacing Colin Slade, who took an indefinite medical leave.

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http://tech.yahoo.com/news/nm/20090204/tc_nm/us_thq_1 (Reuters)

http://www.thq.com