Take-Two stock jumps 10%
Share price rebounds after financial results fall and good news on Chinatown Wars
The share price of Grand Theft Auto parent company Take-Two Interactive rose almost 10 per cent yesterday as it continues to recover from the hit it took following the release of its first fiscal quarter results earlier in the week.
While revenue for that quarter was up by 7 per cent, the company incurred losses of around USD 50 million over the three months to the end of January 31 blamed on high marketing, legal and R&D costs.
The initial market reaction led to a fall in Take-Two's stock, but it's now recovered to go up 0.69 cents to USD 7.10.
Word is also starting to filter out that forthcoming Nintendo DS release, Grand Theft Auto: Chinatown Wars, is likely to perform well after a strong positive reaction from critics.