UPDATE 1-Take-Two sales rise on "Borderlands 2" but reduces outlook

* Q2 EPS of 11 cents vs. Wall St view of a loss of 18 cents

* Q2 GAAP revenue more than doubled to $288 million

* Revises full year outlook because of release schedule

Oct 31 (Reuters) - Take-Two Interactive Software Inc's posted better-than-expected quarterly results on strong sales of ``Borderlands 2'' but the company said on Wednesday that it was reducing its outlook for its fiscal year 2013.

The video game publisher blasted past estimates as it posted adjusted earnings per share of 11 cents versus analysts' average expectations of a loss of 18 cents according to Thomson Reuters I/B/E/S.

For the quarter ending Sept. 30, revenue more than doubled to $288 million, beating analysts' forecast of $240.66 million.

Take-Two, known for its Grand Theft Auto franchise, reduced its yearly outlook because it revised the release schedule for some of its games.

The company expects Non-GAAP revenue in the range of $1.1 billion to $1.2 billion, down from the previous forecast in the range of $1.75 billion to $2 billion.

Take-Two Chairman and CEO Strauss Zelnick said in a statement that the company expects to ``generate substantial revenue and earnings growth in the fiscal year 2014'' with its release of Grand Theft Auto V slated for the spring 2013.

On a GAAP basis for the fiscal second quarter, its net loss from continuing operations narrowed to $12.4 million, or 15 cents per share from $47.3 million, or 57 cents per share, a year earlier.

On Tuesday, rival Electronic Arts forecast third-quarter earnings below estimates after its game ``Medal of Honor: Warfighter'' met tepid reviews.