On April 30th, 2006, Take-Two Interactive closed its second quarter, and it wasn't pretty. The publisher reports net revenues of $265.1 million, but suffered a net loss of $50.4 million. Last year, Take-Two fared better, losing only $8.2 million and bringing in net revenues of $222.1 million. For the entire year so far, Take-Two has brought in $530.1 million in net revenues with a net loss of $79.5 million.
The announcement includes a comment from CEO Paul Eibeler saying, "While near-term financial results continue to be impacted by the console transition, we are confident that we have positioned Take-Two for the long-term by streamlining our organization while maintaining an extremely talented global development team. We will continue to focus on creating compelling content, operating in a cost-efficient manner as we navigate the console transition, and aligning our resources to drive improved financial performance in 2007 and beyond."
Top performers for Take-Two's second quarter include the sales of The Elder Scrolls IV: Oblivion, Major League Baseball 2K6, Top Spin 2, 24: The Game, and Grand Theft Auto: Liberty City Stories. Unfortunately, it seems like all those big-name titles just weren't enough to put Take-Two in the black. The release blames the net loss on "continued retail weakness for video game software and lower retail pricing during the holiday selling season in both North America and Europe, as the industry began to transition to new hardware platforms."
