Take-Two was hit with a loss of $47.37 million (£29.5 million) in the three months to September 30, as sales more than halved year on year.
Net revenue fell 56.3 per cent to $107 million, which the publisher pinned on a quiet quarter for new releases compared to last year, when Mafia II and Civilization V, and Red Dead Redemption's long sales tail, boosted revenues. This time last year it posted a slender profit of $3.3 million (£2 million).
In a press release accompanying the results, Take-Two also confirmed a delay to the XCOM reboot being handled by 2K Marin. Previously due in March, it will now be released in the publisher's next fiscal year, which ends on April 31 2013.
Chairman and CEO Strauss Zelnick said: "Our second quarter results exceeded expectations, driven by strong demand for the company's catalogue offerings and digitally delivered add-on content that deepends the consumer experience. The second half of the [fiscal] year is off to a solid start with the launch of NBA 2K12. We expect to build upon this momentum through the balance of this year with groundbreaking new releases."
Chief among those are the Rockstar-developed Max Payne 3, due in March, and The Darkness II. Then, of course, there's Grand Theft Auto V, though no release window was mentioned. Despite the second-quarter loss, Take-Two expects to have turned a profit by the end of its financial year on March 31.