Take-Two chairman Strauss Zelnick told investors in a conference call last night that further job cuts will be made as the company continues to restructure. The troubled publisher has already cut staff in Europe and sold of its peripherals business Joytech.

The publisher’s chairman also stated that big franchises like Bioshock would ideally see new instalments every two years, adding: “Clearly, we have a hit franchise on our hands.”

Next-gen reports that the publisher reported revenues of $206.4 million for the quarter ended July 31st, down from $241.2m last year. Net losses reached $58.5m, reduced from the previous year’s figure of $91.4m. Shares rose five per cent after the news was announced.

It was also confimed that Take-Two will form a new publishing label called 2K Play. The publisher has already struck a deal with Nickelodeon for the use of licences such as Dora the Explorer and Go, Diego, Go.