Thanks to pesky legal, marketing and development costs going up the publisher has seen an increased loss of over $10m this Q1.
Take-Two posted $38m down last year but its lost $50.4m this Q1 fiscal, though revenue was up that period. Strauss Zelnick warns consumers will continue to be ”highly selective”.
The increased drop was the fault of ”higher marketing, legal, and research and development expenses,” claimed Take-Two.
Revenue was at $256.8 million for the three month period ending January 31st, a little higher than last year’s $240.4 million. ”Take-Two led off fiscal 2009 with somewhat better than expected performance,” said Take-Two bossman Strauss Zelnick.
”Our sales reflected the continued strength and diversity of our portfolio of top franchises, including Grand Theft Auto IV, Carnival Games, NBA 2K9 and Midnight Club: Los Angeles.”
Zelnick talks about what the future holds this year, saying, ”the economy remains challenging and uncertain, and our industry will not be immune to this environment.”
”Consumers will continue to be highly selective in their purchases, including interactive entertainment. We need to deliver innovative, exceptionally compelling products to compete for this more limited consumer spending, and we are confident in our ability to do so.”
2K Czech’s Mafia IISource: VG247
