Source: Marketwatch
Take-Two Interactive Software Inc. late Thursday reported its fiscal second-quarter loss grew five-fold despite higher sales, as the company said it is taking steps to cut costs and consolidate resources amid an industry transition period that continues to challenge video game publishers.
TTWO sold off 15% to $14.30 in after-hours trade, as the company did not offer a financial forecast for its coming fiscal year, beyond saying that it expects to be profitable by its fiscal fourth quarter.
The New York-based video game publisher said it lost $50.4 million, or 71 cents a share, for the period ended April 30, compared to a loss of $8.2 million, or 12 cents, a year earlier. The results included $26.3 million, or 24 cents a share, for asset write-downs, including the closure of three of its development studios.
Sorry, the comment form is closed at this time.