Take-Two Profits Up 400% to $71M for the Holiday Quarter - NewsWilliam D'Angelo, posted on 06 February 2013 / 1,919 Views
Take-Two has released its quarterly report for its third fiscal quarter of 2013, which ended on December 31, 2012. Revenue nearly doubled to $15.8 million, up from $236.3 million during the same quarter a year ago. Profits were up nearly 400 percent to $70.9 million.
"Take-Two’s positive business momentum continued in the third quarter, enabling us to deliver growth and profits that exceeded our outlook," said Strauss Zelnick, Chairman and CEO of Take-Two. "Our results benefited from the record-breaking launch of NBA 2K13, along with continued strong demand for Borderlands 2, the successful launch of XCOM: Enemy Unknown, and robust holiday sales of our catalog and growing portfolio of digitally delivered offerings."
"With consumer anticipation building for the launches of BioShock Infinite and Grand Theft Auto V, we are well positioned for a solid finish to fiscal year 2013 and substantial revenue and earnings growth in fiscal year 2014," Zelnick continued.
NBA 2K13 was one of the main reasons for the strong quarter. The game set a franchise record in its first week and has since almost sold 4.5 million units. Borderlands 2, XCOM: Enemy Unknown, Grand Theft Auto IV, and Red Dead Redemption are still selling well. Catalog game sales accounted for 22 percent of the revenue. Digital sales increased 244 percent year-over-year.
Take-Two has also released its outlook for its full 2013 fiscal year which ends March 31, 2013. Revenue for the fill year is expected to hit $1.15 billion to $1.20 billion. Releases for the rest of the fiscal year include Major League Baseball 2K13 and BioShock Infinite.