Take-Two Interactive Software, Inc. (NASDAQ:TTWO - News) today announced financial results for its third quarter and nine months ended July 31, 2007, which were in line with the Company's previously issued guidance.
Net revenue for the third quarter was $206.4 million, compared to $241.2 million for the same period of fiscal 2006. Leading third quarter sales this year were The Darkness, Fantastic Four: Rise of the Silver Surfer, The BIGS and All-Pro Football 2K8, all of which were new titles released this quarter. The decrease in net revenue year over year primarily reflects the strong prior year sales of titles from the Company's Grand Theft Auto franchise, led by Grand Theft Auto: Liberty City Stories for the PlayStation®2 computer entertainment system, which was released in June 2006.
Net loss for the third quarter was $58.5 million or $0.81 per share, compared to a net loss of $91.4 million or $1.29 per share in the third quarter of fiscal 2006. As compared with the year-ago period, the 2007 third quarter results reflected a decrease in product costs, software development costs, royalties and operating expenses.