Better news ahead for Take-Two Interactive? The NoHo-based gaming company reported a slimmer third-quarter loss, announced a new casual gaming label, and said it expected to see profits next year when the delayed Grand Theft Auto IV finally goes on sale.
Take-Two reported a $58.5 million net loss on $206.4 million of revenue, a 36% smaller loss on 14% less revenue than a year ago, when it lost $91.4 million on $241.2 million of sales. The Q3 loss of $0.81 a share was just off analysts’ estimates, who expected the company to lose 80 cents on $200 million of revenue. Next year, the company estimates it will make between 80 cents to $1 per share on $1.1 billion to $1.4 billion of revenue. Shares jumped about 4% in after-hours trading.
How will it get there? It will finally release GTA IV. As a bonus, the company announced a new casual gaming label. The label, called 2K Play, will launch with two Nickelodeon games this fall, and will absorb some of the company’s other casual gaming efforts like Deal Or No Deal games for PCs.