Take-Two reports Q1 loss

Software company also lowers outlook for current quarter

NEW YORK -- Take-Two Interactive Software on Tuesday reported a loss for its fiscal first quarter as higher marketing, legal and other costs outweighed a revenue gain, but the loss was narrower than expected.

The company also gave a weaker outlook for the current quarter, while reiterating its guidance for the full fiscal year. Take-Two's loss of $50.4 million compared with a year-ago loss of $38 million.

Revenue rose 7% to $256.8 million led by sales of hit game "Grand Theft Auto IV," which has shipped more than 13 million copies.

"Looking to the balance of the year, the economy remains challenging and uncertain, and our industry will not be immune to this environment," said chairman Strauss Zelnick, in a statement. "Consumers will continue to be highly selective in their purchases, including interactive entertainment."