Take-Two Hit with $50M Q1 Losses
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It looks like the 2009 fiscal year is getting off to a rough start for Take-Two. Addressing investors this week, the company posted its first quarter numbers and revealed that it has taken a loss of $50 million, up from the $38 million loss posted during the same period last year. Ironically, the company’s actual revenue was up for the quarter, up roughly 7 percent from $240.4 million last year to $256.8 million for this most recent quarter. The loss for the quarter in spite of higher revenue was blamed on the higher than expected costs related to “unusual legal matters” related mainly to the attempted takeover by Electronic Arts, business reorganization, marketing, and R&D costs.
