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.
Back when Rockstar’s spaghetti western game, Red Dead Revolver, first came out back in ‘04, it was pretty well received by critics and gamers alike. Almost immediately, rumors started circulating on a possible sequel in the works. As the years passed, though, focus shifted away from any potential Red Dead sequel and onto new projects for a new generation of consoles. Today, though, Rockstar proved that it had not forgotten the fans of the Old West shooter, officially announcing the development of Red Dead Redemption, currently scheduled for a Fall 2009 release on the Xbox 360 and PS3.