THQ has cancelled the development of Guillermo Del Toro's Insane, returning the project's IP rights to the Hellboy and Pan's Labyrinth director, the publisher announced during its overnight financial call.

This follows the publisher's recent decision to scrap Tomonubu Itagaki's Devil's Third.

It's all part of THQ's continued efforts to focus on the titles it expects to be most successful.

"By cancelling these explorations outside of our core business, we feel we can improve focus on our core game portfolio, which remains unchanged," explained president Jason Rubin.

One such core game is Darksiders 2, which Rubin says is performing well at the pre-order stage.

THQ also confirmed that the Saints Row sequel, formerly a standalone expansion to Saints Row The Third, will be in stores in calendar year 2013.

"I think it will have as good sales, if not better sales than the last one," said Rubin.

And it appears THQ's cost cutting is working, with better than expected net income of $15.4 million for Q1, compared to a loss of $38.4 million in the same quarter last year.