Take-Two has released its quarterly sales for the first fiscal quarter which ended June 30, 2013. Sales have dropped by 37 percent despite sales being high than what was expected. Revenue was $142.7 million, down from $226.1 million during the same quarter a year ago. Take-Two also reported a loss of $61.9 million, compared to a loss of $110.8 million a year ago.
Take-Two chairman and CEO Strauss Zelnick, in a call to investors, announced that BioShock Infinite has shipped more than four million units, more than any other title in the franchise. Also Borderlands 2 shipments have passed seven million units and is on track to be the bestselling 2K Games title.
"Our better-than-expected first quarter results demonstrate that the market remains strong for the highest-quality interactive entertainment," said Zelnick. "We continue to benefit from robust demand for our recent genre-leading releases, iconic catalog titles and growing portfolio of innovative digitally delivered offerings. With Grand Theft Auto 5 launching on September 17, followed by the releases of NBA 2K14 and WWE2K14, fiscal 2014 is poised to be one of our best years ever."
"Looking ahead, we are well-positioned to capitalize on the opportunities presented by the upcoming launches of the next-generation consoles," Zelnick continued. "We have an extensive development pipeline, highlighted by proven franchises and groundbreaking new intellectual property. As a result, we expect to continue to deliver profits in fiscal 2015 and for the foreseeable future."
"I think in certain instances, we’d like to see releases paced a little more closely together," he added. "I don’t really think next-gen is going to change the production approach sufficiently that, that will be the difference that makes the difference."
For the first quarter North America generated the most revenue with 60 percent of the total sales. This is up from 40 percent a year ago. Also console sales accounted for 73 percent of the sales, down from 84 percent a year ago. PC sales increased to 25 percent, from 14 percent, while handheld sales remained flat at just two percent.
For the forecast for the rest of the year Grand Theft Auto V is expected to generate revenue between $750 million and $800 million for the second quarter. This will help Take-Two return to profitability for the quarter.
For the full fiscal year which ends March 31, 2014, revenue is expected to hit between $1.78 billion and $1.88 billion.