WStreet writes: "Take-Two Interactive Software Inc. (ticker symbol: TTWO) shares have made a decisive move lower since the company last reported earnings in December. The company concluded its fiscal 2007 reporting period on an encouraging note, generating non-GAAP earnings per share of $0.05 versus a loss per share of $0.03 a year ago. In addition to the preliminary benefits of cost rationalization strategies enacted by Take-Two's new management team aiding the bottom line, net revenues rose a solid 10.0%.
The top line advance was attributed to strong demand for the under the radar hit title Bioshock for the Xbox 360 game platform, which shipped an impressive 2.0 million units. Take-Two also scored a success with Carnival Games on the Nintendo Wii game console, shipping 500,000 units of this interactive, family friendly title. Management did let modest air out of the balloon in the form of below consensus fiscal 1Q earnings per share guidance due primarily to upfront expenditures to support the fiscal 2Q release of Grand Theft Auto IV. However, fiscal 2008 earnings per share guidance was maintained".