$50 million losses for Take-Two

Gaming company Take-Two (NASDAQ:TTWO) have reported a loss of USD 50.4 million for the three months ended January 31, 2009. The well known publisher, developer and distributors of video games has a collection of big games associated with it such as Grand Theft Auto, The Elder Scrolls IV: Oblivion, Manhunt and 2KGames titles.

The figures which were reported in a story over at GI.Biz reveal that sales were up 7 per cent from USD 240.4 million to USD 256.8 million during the first quarter of the year, but the losses which were mounting up were blamed on high marketing and research and development expenses.

Chairman of Take-Two, Strauss Zelnick had this to say on the matter: ”Looking to the balance of the year, the economy remains challenging and uncertain, and our industry will not be immune to this environment. ”

Full story in the link above.