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Take-Two Loss Shrinks, But Outlook Falls Short

Take-Two Interactive Software said on Tuesday it cut its quarterly net loss in half, but the publisher of games such as "BioShock" gave an outlook that fell short of Wall Street expectations, and its shares fell 4 percent.

Take-Two's net loss for the fourth quarter ended Oct. 31 narrowed to $7.1 million, or 10 cents per share, from $14 million, or 20 cents per share, a year earlier.

Revenue was $292.6 million, up 9.8 percent from a year earlier on strong sales of the critically acclaimed "BioShock" and "Carnival Games" for Nintendo's popular Wii system.

Excluding special items, the company was expected to lose $5.3 million, or 7 cents per share, on revenue of $291.7 million, according to Reuters Estimates. On that basis, Take-Two posted a profit of 5 cents per share.

Take-Two also said it expected a loss, excluding special items, of between 50 and 60 cents per share for its first quarter, with revenue coming in between $175 million and $225 million.

That was well below the average Wall Street forecast of a loss of 8 cents per share on revenue of nearly $290 million.

Shares of Take-Two fell 4 percent to $17.31 in extended trading after the earnings release. The stock has risen 1.5 percent over the past year, compared to a 13 percent rise in the shares of industry leader, Electronic Arts .