Updated from 9:50 a.m. ESTTake-Two Interactive ( TTWO) shares sank Thursday after the video game maker posted a drop in earnings and revenue from a year ago. The maker of the blockbuster hit Grand Theft Auto video game also lowered its earnings guidance for the second quarter as it postponed a game release in Japan. Shares of Take-Two were recently down $1.40, or 4.1%, to $32.42. For the first quarter ended Jan. 31, Take-Two earned $31.8 million, or 70 cents a share, on revenue of $375.5 million. That was a drop from earnings of $51.5 million, or $1.22 a share, on revenue of $411 million a year earlier, which included holiday sales of the big hit Grand Theft Auto: Vice City for PlayStation 2. Earnings fell in line with Wall Street estimates gathered by Thomson First Call, but revenue fell short of the $385.1 million consensus estimate. CEO Jeffrey Lappin said revenue in the second half of January came in shy of the company's estimates, although its Jack of All Games distribution subsidiary posted a 39% year-over-year increase in revenue to about $144 million. For the second quarter ending April 30, Take-Two reiterated guidance of $220 million but reduced its earnings guidance by six pennies to 33 cents a share. That cut is primarily due to the release date of Grand Theft Auto: Vice City for PlayStation 2 and PC in Japan slipping to the third quarter from the second quarter, the company said. Lappin said Take-Two agreed to push back the date at the request of Capcom Col, which has a license agreement with Take-Two in Japan and argued the additional time for marketing would maximize sales. Take-Two's initial guidance for the third quarter ending July 31 targets sales between $180 million and $200 million and net income between 12 cents and 17 cents a share. For fiscal year ending Oct. 31, Take-Two reiterated its sales guidance of $1.22 billion and net income of $2.45 a share.