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Take-Two's Reports Losses, Slashed Revenues, Delays Titles

The industry is suffering from tough year-over-year comparisons to Grand Theft Auto IV's record-breaking release month, and apparently none is hit so hard as publisher Take-Two itself.

As it reports heavy losses for the quarter, the publisher is shifting Mafia II and Red Dead Redemption into the first half of fiscal 2010, citing the need for more development time and the benefit of a better release window for market performance.

"We have a pretty stern policy at Take-Two about serving no wine before its time," said company president Ben Feder on Take-Two's results call to analysts. "We'll give it the time it needs. Our ability to move a title out into the [next] year reflects how far Take-Two has come as far as diversity in our product line and flexibility."

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gamasutra.com
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Forrest Gump3100d ago

Looks like you're going to have to write a bigger check next time Mr.M :)

mirroredderorrim3100d ago

Yeah... it's obvious that DLC could be making more money.

Omegasyde3100d ago

Work on less titles, perhaps sell some studios To EA, Sony, or Microsoft .

They should also focus less on DLC, and more on PSN/XBL titles. Its working for capcom.

Anon19743100d ago

If they were doing gangbusters with LATD you'd know that would be a highlight of their earnings report. The fact that it's barely mentioned speaks volumes.

Take Two has had this issue for some time. They can't control their spending, put out some amazing games but are usually rescued from bankruptcy just in time by the release of a GTA game. Then it's right back to over spending. I thought the new board was supposed to control this spending but one of the first things they did when they were elected was elect big raises for themselves and the consulting company that got them all hired. So far I haven't seen any indication from the past years finacials that Take Two has done a damn thing to reign in their out of control spending.