Take-Two has reported better than expected financial results for its second quarter ended April 30, 2009.

Nevertheless, revenues fell from $539.8 million (£339m) during Q2 2008, which included the release of the blockbuster title Grand Theft Auto IV, to $229.7 million (£144.2m). Second quarter sales were led by downloadable GTA episode The Lost and Damned, Major League Baseball 2K9, Grand Theft Auto: Chinatown Wars for DS and continued GTA IV sales.

Net loss for the period totalled $10.1 million (£6.3m), compared to net income of $98.2 million (£61.7m) in the second quarter of fiscal 2008.

The company also lowered its sales guidance for the fiscal year ending October 31 following changes in its release schedule. Having delayed Mafia II and Red Dead Redemption until the first half of fiscal 2010, the company reduced its FY2009 revenue target from $1.1 billion-$1.25 billion to $1.05 billion-$1.15 billion.

"Take-Two again outperformed our expectations, with higher net revenue and a smaller quarterly net loss than originally anticipated,” said company chairman Strauss Zelnick. “This is largely due to the continuing dedication of our talented team to provide the strongest possible line up of interactive entertainment titles, as well as our determination to operate efficiently while investing in innovation and creativity.

“Recognising that this remains a challenging environment for our industry and the consumer marketplace generally, we are sharply focused on executing our business plan and working to enhance shareholder value.”

During a post earnings release conference call the publisher also revealed that it will release the second Xbox 360 exclusive GTA episode, The Ballad Of Gay Tony, this fall, and that BioShock 2 will debut on October 30.