Take-Two has released its earnings report for its second quarter, which ended in September 30, 2012. Revenue for the quarter nearly tripled compared to the same period a year ago. The company reached $273.1 million in revenue, up from $107 million last year. The increase in revenue is due to the huge success of Borderlands 2 which has shipped five million units worldwide.
Sales of Grand Theft Auto IV and Red Dead Redemption helped the increase in revenue. Also digital sales grew 108 percent year-over-year to $57.6 million. Despite the huge increase in revenue, Take-Two still reported losses of $12.5 million. However this is an improvement from the $41.5 million in losses during the same period a year ago.
"Take-Two’s second quarter revenue and earnings exceeded our outlook, driven by the breakout success of 2K’s Borderlands 2 and robust demand for our catalog and digitally delivered offerings," said Strauss Zelnick, Chairman and CEO of Take-Two. "Our business continues to fire on all cylinders, led by terrific early results from 2K’s NBA 2K13, and the outlook for our upcoming releases such as BioShock Infinite is stronger than ever. As a result, we continue to expect to deliver revenue growth and Non-GAAP profits in fiscal year 2013. Moreover, with Grand Theft Auto V slated for spring 2013, we are poised to generate substantial revenue and earnings growth in fiscal year 2014."
Take-Two did lower its expectations for its full fiscal year. The company had previously forecasted sales between $1.7 billion and $1.8 billion. Now Take-Two expects sales of between $1.1 billion and $1.2 billion. The decrease is due to the change in release schedule.