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
Take-Two Interactive's "Grand Theft Auto   (Associated Press)
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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.