GTA 5 Reaches 60 Million Copies Shipped
New milestone for Rockstar's open-world action game.
GTA V was initially released in September 2013 on Xbox 360 and PlayStation 3 before launching later for Xbox One, PlayStation 4, and PC. The game continues to sell well, as it came in at the No. 5 spot for all of 2015 in the United States, according to a NPD's report last month.
The game may have reached a new shipment milestone, but it was not enough to help get Take-Two into the black. For the quarter ended December 31, total revenue was $486.8 million, compared to $954 million during the same period last year.
Take-Two said this downturn in revenue was partially attributable to a difficult comparison to last year, which benefited from the launches of GTA V for PS4 and Xbox One, Borderlands: The Pre-Sequel, and Civilization: Beyond Earth.
Net income was also down for the quarter, hitting $99.7 million, compared to $211.6 million during the same period a year ago. Take-Two notes, however, that these results are better than expected.
The biggest contributors to Take-Two's bottom line during the quarter were GTA V and revenue from the game's multiplayer mode, GTA Online, which offers a variety of microtransactions. Other games called out in the report today as being meaningful revenue contributors include NBA 2K16, WWE 2K16, and the Borderlands series overall.
Revenue from digitally delivered content was $213.6 million, making up 44 percent of Take-Two's total revenue. Franchises that boosted digitally delivered revenue for Take-Two included GTA, NBA 2K, WWE 2K, and Civilization.
Another bright spot for Take-Two during the period was what it calls "recurrent consumer spending," which includes virtual currency and DLC. This category grew 45 percent year-over-year and made up 54 percent of Take-Two total net revenue from digitally delivered content. Overall, net revenue from digitally delivered content accounted for 24 percent of Take-Two's total net revenue.
Catalog sales during the quarter made up $235.3 million, with the GTA and Borderlands franchises leading the way.
"During the holiday season, Take-Two enjoyed immense consumer demand for its recent releases and catalog, enabling the company to deliver another quarter of strong revenue, Non-GAAP earnings and cash flow," Take-Two CEO Strauss Zelnick said in a statement.
Looking ahead, as a result of today's better-than-expected results, Take-Two has boosted its earnings projections for the full year. The company now expects revenue in its fourth quarter to be $260-$310 million, with full-year revenue pegged to be $1.48-$1.53 billion.
Take-Two is currently holding an earnings call to discuss these results and answer questions. Check back later for more.