Take-Two Interactive Swings to Quarterly Loss

Fiscal first-quarter revenue drops 11 percent as the video game maker says it has sold more than 4 million units of "L.A. Noire."

NEW YORK - Video game maker Take-Two Interactive Software said Monday that it swung to a fiscal first-quarter loss as revenue dropped 11 percent as sales for its recent releases, including L.A. Noire and Duke Nukem Forever, seemed to have trouble keeping up with year-ago hit Red Dead Redemption.

The company's loss from continuing operations of $8.6 million compared to a year-ago profit of $27.4 million. Revenue fell to $334.4 million.
Also contributing to results were NBA 2K11 and such catalog titles as Red Dead Redemption, which has sold more than 11 million units.

L.A. Noire has sold more than 4 million units worldwide since its launch in May and has been supported by several downloadable content packs, Take-Two said. Digitally delivered content accounted for $24.6 million of revenue, up 49 percent, the company said.

Take-Two reiterated its outlook for the full fiscal year, which includes a full-year profit.

"Looking ahead to fiscal year 2013, we have already announced three exciting new releases: BioShock Infinite, Spec Ops: The Line and Borderlands 2, and we have a very strong pipeline of yet-to-be announced titles in development," said chairman and CEO Strauss Zelnick. "As a result, we continue to expect to achieve substantial revenue and earnings growth."

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