Sees Q4 eps 5-10 cts, revs $325 mln-$350 mln

* Previous view was 30-35 cents, $350 mln-$375 mln

* Sees Q1 loss/shr 40-50 cts, vs Wall St est. loss 26 cts

* Shares tumble 21 percent after-hours

NEW YORK, Dec 3 (Reuters) - Video game publisher Take-Two Interactive Software Inc (TTWO.O) said on Thursday that results for the past quarter would fall short of its expectations, due to slow sales of its Baseball games and some holiday season games, sending its shares down 21 percent in after-hours trade.

Take-Two, best known for its "Grand Theft Auto" franchise, estimated a profit for its fiscal fourth quarter, ended in October, of 5 cents a share to 10 cents a share on revenue of $325 million to $350 million.

It had previously expected to earn 30 cents to 35 cents a share, on revenue of $350 million to $375 million.

Take-Two attributed the setback to the performance of its Major League Baseball titles in the fourth quarter, "lower than expected initial performance of several of its key holiday releases."

Take-Two also said it sees a loss per share in the range of 40 cent to 50 cents in its fiscal first quarter, much wider than loss of 26 cents expected by Wall Street, according to Thomson Reuters I/B/E/S.

It sees first quarter revenue of $210 million to $260 million. Analysts had expected revenue of $244 million.

Take-Two shares dropped $2.36 to $8.56 in after hours trade. (Reporting by Franklin Paul; Editing by Steve Orlofsky) ((Email: Franklin.Paul@thomsonreuters.com; +1 646 223 6195; Reuters Messaging: Franklin.Paul.reuters.com@reuters.net)) (To read more about our Media news, visit out MediaFile blog online atblogs.reuters.com/mediafile )