Priya Ganapati
The bad news continues to flow for video-game publisher Take-Two (TTWO Quote - Cramer on TTWO - Stock Picks).
Take-Two said it has pushed back the release of its much-anticipated Grand Theft Auto IV game from fourth quarter this year to fiscal 2008, in a move that will affect the company's guidance for the current fiscal year. Disappointed investors sent shares of Take-Two down $2.41, or 14.3%, to $14.50 in recent after-hours trading. Controversy over Take-Two's yet-to-be released game, Manhunt 2, also took its toll on the company's results. For the third quarter ended July 31, Take-Two said revenue is expected to be in the range of $195 million to $205 million, with a loss in the range of 65 cents to 70 cents a share. Analysts are expecting revenue of $206.4 million and a loss of 63 cents a share. But for the fourth quarter, Take-Two expects revenue in the range of $275 million to $300 million, with a net loss in the range of 5 cents to 10 cents a share. Analysts are expecting revenue of $535.2 million. For the fiscal year ending Oct. 31, revenue is now expected in the range of $950 million to $1 billion with a net loss in the range of $1.25 to $1.35 a share. Analysts are expecting revenue of $1.22 billion and EPS loss of 30 cents.
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