Take-Two Interactive has released its quarterly report for the first quarter of its fiscal year, which ended June 30, 2014. GAAP sales for the quarter decline 12 percent year-over-year to $125.4 million, while losses decreased from $61.9 million to $35.4 million.
However, when you look at non-GAAP, sales grew by five percent to $151.6 million. Losses decreased to $11.2 million. The improved sales were due to strong sales in games released during Take-Two's last fiscal year, Grand Theft Auto V, Borderlands 2 and NBA 2K14.
"During the fiscal first quarter, we delivered Non-GAAP revenue growth without the benefit of any major new releases," said Strauss Zelnick, Chairman and CEO of Take-Two. "Our better-than-expected results were driven by the strength of our expanding portfolio of digitally-delivered offerings combined with persistent robust demand for NBA 2K14 and Grand Theft Auto V."
For the second quarter, which ends September 30, 2014, Take-Two is forecasting non-GAAP revenue between $95 million and $110 million. Take-Two is also forecasting sales between $1.35 billion and $1.45 billion for the full fiscal year.
A life-long and avid gamer, William D'Angelo was first introduced to VGChartz in 2007. After years of supporting the site, he was brought on in 2010 as a junior analyst, working his way up to lead analyst in 2012. He has expanded his involvement in the gaming community by producing content on his own YouTube channel and Twitch channel dedicated to gaming Let's Plays and tutorials. Outside, in the real world, he has a passion for the outdoors which includes everything from hiking to having received his B.A. in Environmental Studies. You can contact the author at email@example.com.