January 05, 2006

Take-Two Profit Warning

Take-Two said it will drastically miss earnings and revenue expectations. The chief operating office also resigned. Top Spin 2 and College Hoops 2K6 will also be delayed. Where is Grand Theft Auto London guys? 2006?

Video game publisher Take-Two Interactive Software Inc. on Thursday posted lower fourth-quarter earnings and said fiscal 2006 results would fall “significantly” below Wall Street targets, sending its shares down 8 percent. The company behind the controversial “Grand Theft Auto” games also cut its first-quarter forecast, citing the move to new video game console technology, shortages of Microsoft Corp.'s (NasdaqNM:MSFT - News) new Xbox 360 gaming machine and the timing of its own game releases. Take-Two also said Gary Lewis, its global chief operating officer, had resigned to return to Europe.