Take-Two profits rise 148 percent
Publisher sees net revenue jump 71 percent to $405 million, with profit surging 148 percent to $78.8 million; digital business grows 244 percent.
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Grand Theft Auto parent publisher Take-Two Interactive today reported financial results for its third quarter ended December 31, revealing rising revenue and profit. The company posted net revenue of $405 million, up 71 percent from last year. Net income surged by a greater margin, jumping 148 percent to $78.8 million.
Take-Two said the strongest contributors to its bottom line for the period were NB2K13, Borderlands 2, XCOM: Enemy Unknown, and catalog sales led by Grand Theft Auto IV and Red Dead Redemption. Catalog sales made up 22 percent of all net revenue.
NBA 2K13 has now sold through more than 4.5 million copies since launch, the company said. In addition, Take-Two CEO Strauss Zelnick said Borderlands 2 has now shipped 6 million copies and is one of the company's most important long-term properties.
Take-Two's digital sector was another bright spot during the quarter, with revenues in this area rising 244 percent year-over-year, making up 23 percent of net revenue. Success in this area was led by digital sales of Borderlands 2 and its expansions, XCOM: Enemy Unknown, the GTA franchise, and NBA 2K13.
Looking ahead, Take-Two said it expects net revenue for its fourth quarter ending March 31 to come in at $235 million to $285 million, with full-year net revenue hitting $1.15 billion to $1.20 billion. And regarding next-generation platforms, Zelnick said Take-Two has an "extraordinary array of offerings" for these still-unannounced platforms.