Video game publisher Take-Two Interactive Software Inc. posted a smaller net loss for its fiscal first quarter Tuesday as its sales climbed and expenses declined.

Its quarterly revenues were well ahead of Wall Street expectations and the company's stock rallied in after-hours trading.

For the three months ended Jan. 31, the company posted a loss of $33.9 million, or 43 cents per share, compared with a loss of $50.4 million, or 66 cents per share, in the same period a year earlier.

Its adjusted loss was 31 cents per share in the latest quarter.

Revenue rose 9 percent to $163.2 million from $149.4 million.

Analysts, on average, were expecting a loss of 51 cents per share on sales of $125.3 million, according to a poll by Thomson Reuters.

CEO Ben Feder said "Borderlands" and "NBA 2K10" drove the quarter's sales.

Operating costs fell 13 percent to $89.4 million.

Take-Two, best known for the "Grand Theft Auto" franchise, said it expects to post adjusted earnings of 20 cents to 30 cents per share on sales of $250 million to $300 million for the second quarter.

Analysts expect a profit of 7 cents per share on sales of $267.4 million.

For the full year, Take-Two is forecasting an adjusted loss in the range of 40 cents to 60 cents per share on sales of $725 million to $925 million.

Analysts are predicting a loss of 56 cents per share on sales of $843.9 million.

Take-Two also said it is cutting 15 percent of its corporate staff, though it did not provide a specific number. Overall, it has more than 2,200 employees worldwide, but that includes all business functions, not just corporate.

The company issued its earnings report after the market's close Wednesday. In after-hours trading, its shares jumped 51 cents, or 5.7 percent, to $9.50. They closed the regular session down 25 cents at $9.03.