For the fiscal year, the company now expects an adjusted loss of 80 cents to 95 cents a share on revenue of $960 million to $1 billion. Take-Two had expected to earn up to 20 cents a share on revenue of $1.05 billion to $1.15 billion.
Take-Two also lowered views for the third and fourth quarters. The third-quarter loss is now expected to come it at 65 cents to 75 cents a share on revenue of $120 million to $130 million, worse than the loss of 55 cents to 65 cents on revenue of $145 million to $165 million previously expected. Take-Two projects earnings of 30 cents to 40 cents a share on revenue of $350 million to $400 million for the fourth quarter, well off the $1.08 to $1.28 a share on $420 million to $500 million it had projected.
The third-quarter results have also been hurt by weakness in Take-Two's baseball game, Zelnick said.
"We recognize that our revised outlook for the balance of fiscal year 2009, due to both internal and external factors, is a disappointment. That said, we concluded that moving the release of 'BioShock 2' into fiscal year 2010 was the right decision for the product," Zelnick said in a written statement.
