UPDATE 2-Take-Two tops forecasts, but delays 2 titles

* Q2 loss ex-items 4 cents/shr vs Street view 14-cent loss

* Q2 rev $229.7 mln vs Street view $216.6 mln

* Lowers FY09 revenue outlook, maintains profit view

* Shares little changed in after-hours trade (Adds analyst comment, edits, updates share movement)

By Gabriel Madway

SAN FRANCISCO, May 26 (Reuters) - Video game publisher Take-Two Interactive Inc (TTWO.O) reported stronger-than-expected quarterly results but cut its fiscal year revenue forecast as it delays the release of two titles.

The company said it will delay "Red Dead Redemption" and "Mafia II" from the fourth quarter into the first half of fiscal 2010, and will continue to look a various ways to cut costs.

Shares of Take-Two were little changed in extended trading on Tuesday after initially falling nearly two percent.

With a light release schedule for the third quarter, Take-Two said the fiscal year's performance will be strongly weighted to the fourth quarter, which will see the launch of "Grand Theft Auto: Episodes from Liberty City" on the Xbox 360.