Take Two Interactive (TTWO), maker of the popular Grand Theft Auto series, reduced its earnings forecast for the next two quarters, Reuters reports.
This comes after the company delayed the release of BioShock 2 video game, saying it wanted to spend more time on the game’s development and quality.
The game, initially scheduled for the fourth quarter ending October 31, 2009, will now be released in the first half of 2010.
Take Two also cited poor retail demand as a reason for the lowered forecast.
Reuters: The New York-based video game maker said it expects to lose 80 cents to 95 cents a share, adjusted, for the fiscal year ending October 31, instead of the break-even to 20 cents a share profit it had previously forecast.
Sales in the three months ending July 31 are expected to total $120 million to $130 million, versus the $145 million to $165 million it forecast in May. The company projected a loss of 65 cents to 75 cents a share on an adjusted basis, instead of an adjusted loss of 55 cents to 65 cents a share.
Shares of the company dropped 11% yesterday.
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