Stock of Grand Theft Auto maker tumbles

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Video game maker Take-Two Interactive takes big profit hit on closure of development studios.

June 9, 2006: 11:29 AM EDT

NEW YORK (CNNMoney.com) - Shares in video game maker Take-Two Interactive plummeted Friday after the company announced that it would incur extra costs in the second quarter to close development studios.

Shares of the Take-Two (down $2.48 to $14.29, Research) fell 14.7 percent in morning trade on Nasdaq Friday.

The maker of the "Grand Theft Auto" video games reported a loss of 71 cents a share for the second quarter, compared to a loss of 12 cents per share in the year ago period.

The New York-based company said sales rose 19 percent to $265.1 million, compared to $222.1 million a year ago.

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