Take-Two's stock plummets, predicts profit loss

By Justin Mann on
Take-Two is facing financial setback, suffering a 28% drop in share value yesterday after the publisher announced it might not meet profit goals for next year. Outside analysts claimed accountability problems were partially to blame, along with poor performance of some game titles.

Take-Two's reasons differed considerably, blaming weaker consumer spending for the loss in profit. This runs contrary to data from the NPD, which indicated in November that the game industry is doing well overall.

The poor financial outlook isn't a surprise. Take-Two reported a $55.5 million loss in September, citing delayed titles as part of the cause. Will Take-Two manage to recover, or will they be swallowed by a larger publisher down the road?

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