Take-Two has published their first quarter financial results, posting better than expected results (albeit still losing money), and stating they plan on trimming 15% of their workforce. This Reuters report
says: "Take-Two declined to say how many jobs would be cut in the restructuring, but said its game studios would not be impacted. It expects to save $15 million a year." Here's word on earnings: "Take-Two posted a net loss of $33.9 million, or 43 cents a share, in the fiscal first quarter ended Jan. 31, versus a year-ago loss of $50.4 million, or 66 cents a share. Excluding items, the company lost 31 cents a share, better than analysts' average estimate for a loss of 51 cents a share according to Thomson Reuters I/B/E/S. Revenue rose 9 percent to $163.2 million, versus the Wall Street estimate of $125.3 million."
Meanwhile, they have increased their projections for the future, while indicating one of their titles may be delayed: "For the current quarter, the company forecast earnings, excluding items, of 20 cents to 30 cents a share on revenue of $250 million to $300 million. That compares with the analyst target for a profit of 7 cents a share on revenue of $267 million. Take-Two raised slightly its forecast for fiscal 2010. It now expects a loss of 40 cents to 60 cents a share on revenue of $725 million to $925 million. The company added that it may push back one title slated for fourth-quarter release into fiscal 2011."