UPDATE 1-Take-Two results top Street, to cut jobs

* Q1 loss ex-items 31 cts vs Street view loss 51 cts

* Q1 rev $163.2 mln vs Street view $125.5 mln

* Cuts 15 pct of corporate workforce

* Q2 outlook ahead of Street, raises FY10 outlook slightly

SAN FRANCISCO, March 3 (Reuters) - Take-Two Interactive Software Inc (TTWO.O) reported better-than-expected results and the video game maker said it would slash 15 percent of its corporate headcount.

The "Grand Theft Auto" publisher posted a net loss of $33.9 million, or 43 cents a share, in the fiscal first quarter ended Jan. 31, versus a year-ago loss of $50.4 million, or 66 cents a share.

Excluding items, the company lost 31 cents a share, better than analysts' average estimate for a loss of 51 cents a share according to Thomson Reuters I/B/E/S.

Revenue rose 9 percent to $163.2 million, versus the Wall Street estimate of $125.3 million.

Take-Two declined to say how many jobs would be cut in the restructuring, but said its game studios would not be impacted. It expects the cuts to save it $15 million a year.

"It's an ongoing effort to make sure we're really efficient," Take-Two Chairman Strauss Zelnick said in an interview.

For the current quarter, the company forecast earnings, excluding items, of 20 cents to 30 cents a share on revenue of $250 million to $300 million. That compares with the analyst target for a profit of 7 cents a share on revenue of $267 million.

Take-Two raised slightly its forecast for fiscal 2010. It now expects a loss of 40 cents to 60 cents a share on revenue of $725 million to $925 million. The company added that it may push back one title slated for fourth-quarter release into fiscal 2011.

New York-based Take-Two's stock is down around 10 percent this year (Reporting by Gabriel Madway; Editing by Richard Chang)