Take-Two reports increased losses

Grand Theft Auto publisher Take-Two has reported a drop in revenues and increased losses for the quarter ending September 30th.

Losses reached $47.3m compared to $8m for the same quarter in 2010. Revenue fell from $245m to $107m year-on-year.

The numbers, nonetheless, were better than expectations, driven mostly by strong digital and catalogue sales.

Digital sales accounted for 25 per cent of the total revenue with Grand Theft Auto, Red Dead Redemption and Civilization performing strongest.

"The second half of the year is off to a solid start with the launch ofNBA 2K12, which received the highest ratings in the history of our industry-leading basketball series,” CEO Strauss Zelnick stated.

"Looking ahead, Take-Two has the strongest development pipeline in the Company’s history. At the cornerstone of our stellar line-up is the recently announced next installment of Rockstar Games’ iconic franchise that has sold-in more than 114 million units –Grand Theft Auto V.

"With our diverse line-up of industry-leading franchises and focus on operational excellence, we continue to expect fiscal 2012 to be another profitable year for Take-Two.”