Take Two Posts Losses of $15 Million

The past financial quarter was not a great one for Take Two, with the company reporting increased losses ($15 Million – which is more than double compared to last year!) despite decent sales recorded by Midnight Club: Los Angeles, NBA 2K9, and Grand Theft Auto IV titles. The company also issued a warning regarding the current quarter and forecasted another drop in sales revenue.

According to Yahoo News, the numbers are quite impressive for the owners of one of the most successful and best selling franchises in the world, Grand Theft Auto. The company reported a loss of $15 or 20 cents a share, even though revenue increased 11 percent to $323 million.

Take Two also predicted a fiscal first-quarter loss of 70 cents to 85 cents a share on revenue of $175 million to $225 million, falling short of Wall Street estimates of $310.75 million. The chairman Strauss Zelnick noted that these low sales numbers are caused by the global economic downturn. He said nothing about the refusal of the $2 billion “tender offer” from Electronic Arts earlier this year, which means he still does not regret it.