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Delays, bans blamed for Take-Two's losses |
Listed in: Tags: 2K Sports, Microsoft, Nickelodeon, Sony, Take-Two Interactive
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Game publisher Take-Two Interactive says that the delay of Grand Theft Auto IV, Manhunt 2's ban and good reviews for BioShock have all contributed to a financial roller-coaster which has stunted corporate growth in fiscal 2007. The company expects US$ 950 billion to US$ 1 billion in gross revenues when all is said and done.Fans and members of the media were disappointed when the release of Grand Theft Auto IV, the company's biggest project to date, was delayed to next year due to development issues. Manhunt 2, on the other hand, was banned due to violent content and was held back for a few months until it was recently cleared to go, following revisions.
In the first quarter of fiscal 2007, Take-Two posted earnings of US$ 206 million, lower than the US$ 241 million that it reported in the same period during 2006. On the bright side, US$ 59 million in losses aren't as bad when stacked against the performance from the same quarter last year when US$ 91 million was reported lost in revenues.
The magnificent FPS BioShock led other good releases such as The Darkness, Fantastic Four: Rise of the Silver Surfer, The BIGS, and All-Pro Football 2K8 to offset more financial troubles and negative publicity. In addition, Take-Two expects a strong fiscal 2008 rebound when Grand Theft Auto IV gets ready for both the Microsoft Xbox 360 and the Sony PlayStation 3. Also planned are casual games based on IP from Nickelodeon.
Take-Two estimates the next fiscal cycles to hit US$ 1.1 billion to US$ 1.4 billion. It also expects its 2K Sports label to start generating profits by the time fiscal 2009 arrives.
Via Gamespot
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