Video game publisher Take-Two Interactive Inc
The Grand Theft Auto publisher said it swung to net loss of $10.1 million, or 13 cents a share, in the fiscal second quarter ended April 30 from a profit of $98.2 million, or $1.29 a share, in the year-ago period.
Excluding items, Take-Two lost 4 cents a share, better than analysts' average estimate of 14 cents a share, according to Reuters Estimates.
Revenue tumbled 57 percent to $229.7 million, versus the Wall Street forecast of $216.6 million
Take-Two Chairman Strauss Zelnick told Reuters in an interview he was pleased with the company's quarter, and said I think our view is that the economy may be starting to stabilize.
I don't think we're getting any great benefits from an economic rebound, that would be utterly premature but ... I'm feeling a bit more optimistic. Conditions are not getting worse.
The company reaffirmed its forecast for the fiscal year ending October 31 for profit, excluding items, of nil to 20 cents a share, but lowered its revenue forecast to a range of $1.05 billion to $1.15 billion. It had previously pegged revenue at between $1.1 billion and $1.25 billion.
The company said it will delay the release of Red Dead Redemption and Mafia II from the fourth quarter into the first half of fiscal 2010.
For the current quarter the company forecast a loss, excluding items, of 55 cents to 65 cents a share on revenue of $145 million to $165 million.
The company said it will release Grand Theft Auto: Episodes from Liberty City, on the Xbox 360 in the fourth quarter of fiscal 2009.
Shares of New York-based Take-Two fell 1.9 percent to close at $8.83 on Nasdaq.
(Reporting by Gabriel Madway; Editing by Richard Chang)