Take-Two Interactive Software announces job cuts

Take-Two Interactive Software announces job cuts

The makers of the hugely popular Grand Theft Auto videogame series Take-Two Interactive Software has announced that they are going to cut jobs as they aim to cut costs by $25 million a year by 2008.

The gaming company has just posted a wider-than-expected loss of $51.2 million for the past three months of the year. Market analysts had expected them to post a loss of $50.4 million.

The company has been under a lot of criticism for poor revenue results and accounting problems. They also continues to face problems with their games which are highly violent.

Take-Two is also accused of overstating profits and is facing a formal stock options probe. The company’s chief executive and most of its directors were removed forcibly by the unhappy shareholders earlier this year.

The company said that they are going to cut a meaningful number of jobs and are now hoping to break even at the end of its current financial year excluding the charges related to the restructuring.