National Employee Morale Day At Take-Two Interactive (TTWO)
Video game publisher Take-Two Interactive (TTWO) announced better than expected earnings today but also said it would need to cut its staff. Net revenue for the first fiscal quarter was $163.2 million, compared to $149.4 million for the same quarter…
Net revenue for the first fiscal quarter was $163.2 million, compared to $149.4 million for the same quarter of fiscal 2009. Take-Two’s fiscal period ended January 31.
The firm said it would cut 15% of its staff, which it calls corporate headcount, and lower other costs to save $15 million a year.
It is hard to justify firing the rank-and-file when Zelnick Media, which has a contract to run Take-Two, gets $2.5 million a year and a bonus of up to $2.5 million. Zelnick will apparently not be taking a pay cut. The company has routinely underperformed compared to expectations and management turned down a rich buyout offer from Electronic Arts (ERTS).
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
