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Take-Two Promises Solid 2008

Game maker upbeat despite losses; rebuffs EA takeover talks

By Jim O'Neill,  Newser User

Posted Mar 12, 2008 8:25 AM CDT
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(Newser) – Videogame maker Take-Two Interactive—owner of gamer favorites Grand Theft Auto and Bioshock—said first quarter losses jumped nearly 77% to $38 million while revenue fell some 13% to $240.4 million, reports the New York Times. But the company projected an upbeat 2008 with revenues growing 40% to $1.4 billion and earnings of $1.55 per share.

The company’s outlook was stronger than Wall Street’s expected $1.35 per share payout. Take-Two’s current quarter outlook also topped analyst projections. The company’s new management is facing a shareholder lawsuit for not accepting a $2 billion takeover bid—$26 a share—from rival EA Sports, an offer Take-Two says is under value. Take-Two releases Grand Theft Auto IV on April 29.

Take-Two Interactive's Grand Theft Auto
Take-Two Interactive's "Grand Theft Auto   (Associated Press)
Exterior view of Electronic Arts headquarters in Redwood City, Calif., Monday, Feb. 25, 2008. Video game maker Electronic Arts Inc. on Monday urged the publisher of Grand Theft Auto to quickly accept its unsolicited $2 billion takeover bid, saying it's only a matter of time before it declares game over...
Exterior view of Electronic Arts headquarters in Redwood City, Calif., Monday, Feb. 25, 2008. Video game maker Electronic Arts Inc. on Monday urged the publisher of "Grand Theft Auto" to quickly accept...   (Associated Press)
Electronic Arts video game Madden 08 is on display next to Take-Two Interactive Software video game Grand Theft Auto at Best Buy in Mountain View, Calif., Monday, Feb. 25, 2008. Video game maker Electronic Arts Inc. on Monday urged the publisher of Grand Theft Auto to quickly accept its unsolicited...
Electronic Arts video game Madden 08 is on display next to Take-Two Interactive Software video game Grand Theft Auto at Best Buy in Mountain View, Calif., Monday, Feb. 25, 2008. Video game maker Electronic...   (Associated Press)
A player fights Little Sister and Big Daddy characters in the video game Bioshock. Take-Two says it expects to perform better on Wall Street this year.
A player fights Little Sister and Big Daddy characters in the video game "Bioshock." Take-Two says it expects to perform better on Wall Street this year.   (Associated Press)
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Take-Two says it has other buyout bids
Associated Press

Take-Two says EA's bid is a case of the wrong price at the wrong time
Associated Press

 
acquisition • EA Sports • revenue • Take-Two Interactive Software • takeover bid • Soleil Hudson Square Research • Grand Theft Auto IV • Bioshock

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