“No Wine Before Its Time”
Posted on : 27-05-2009 | By : Nathaniel | In : Publishing
Tags: Earning Reports, GTA, PS3, Publishing, Take-Two, XBox 360
0
In yesterday’s results call to analysts, Take-Two Interactive reported heavy fiscal losses for the quarter, underscoring Grand Theft Auto IV’s preeminence and proving just how important blockbuster titles are to the hit-driven publishing industry. Net loss for the second quarter was narrower than expected, reported at $10.1 million ($.13 per share), down by a factor of almost 10 compared to last year’s haul of $98.2 million ($1.29 per share). The loss was fueled by paltry year-over-year earnings, net revenue falling by 57% from $539.8 million this time a year ago to a mere $229.7 million. To make matters worse, Take-Two announced they have delayed the release of Mafia II and Red Dead Redemption until first half 2010, citing further development time needed to ensure quality and market performance.
