Take-Two losses increase for Q1, revenues slope up

Take-Two's confirmed a first quarter loss of $50.4 million compared to a net loss of $38.0 million in the same period last year.

The publisher pinned the drop on "higher marketing, legal, and research and development expenses."

Revenue for the three months ending January 31 rose slightly, up to $256.8 million compared to $240.4 million for the corresponding previous period.

Sales for the quarter were highlighted by Grand Theft Auto IV, Carnival Games, NBA 2K9 and Midnight Club: Los Angeles.

“Take-Two led off fiscal 2009 with somewhat better than expected performance," said company boss 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. Looking to the balance of the year, 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."