Delays Hit Video Game Maker’s Guidance Hard
Contrarian Profits (July 15th, 2009) Writes:
Shares of “Grand Theft Auto” maker Take-Two Interactive (Nasdaq:TTWO) took a drubbing yesterday (Tuesday) after it lowered its financial outlook and delayed key video game releases until its next fiscal year.
Take-Two now expects its loss to fall between 65 cents and 75 cents per share and revenue to be between $120 million and $130 million for the quarter ending July 31. Wall Street analysts were expecting a loss of 54 cents and revenue of $162.2 million.
The move reflects reduced sales of catalog products and lower than anticipated initial retailer orders of new releases due to a retail environment that is proving even more challenging Take-Two expected, it said in a statement.
The company delayed the release of “Bioshock 2,” “Max Payne 3” and “Red Dead Redemption” to fiscal 2010, which starts November 1. It is unclear whether any of these titles will ship in time for
...Activision Blizzard Inc.;, Analyst, Ben Feder, catalog products, cent;, Chief Executive Officer, contrarian profits, Electronic Arts, industry giant;, Market Commentary, Max Payne;, Michael Pachter, retail environment, Take-Two Interactive, Take-Two;, The Associated Press, The Macro Trader, USD, wall street, Wedbush Morgan Securities Inc.


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