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Take-Two Financials: Everything's Coming Up (Digital) Roses

| 30 Oct 2013 14:28
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There are 10 next-generation titles on the go. Want to know what they are? You may have to wait a while ...

Take-Two's latest financial statement is out, and the publisher has the whole world on a plate; specifically that part of the world that Cvilization V: A Brave New World's Ghandi hasn't already conquered. Robust demand for digital content, including Borderlands 2, BioShock Infinite add-ons and, of course, Grand Theft Auto V, drove revenue from digital products up 85% year-on-year. Moreover each of its new entrants - BioShock Infinite, Borderlands 2, NBA 2K13, and Grand Theft Auto V - outsold any prior title in each of their respective franchises. Grand Theft Auto V alone sold more than 29 million copies; of the rest of the GTA franchise, only San Andreas comes close, with 22 million.

Take-Two's so bullish, it's increasing its financial outlook for the year. "Fiscal 2014 is poised to be a record year for our company," says chairman Strauss H. Zelnick, "with projected non-GAAP net revenue of $2.2 billion to $2.3 billion, and non-GAAP net income of $3.50 per share to $3.75 per share." Net revenue went up 340%, to $1.27 billion, in the second fiscal quarter, largely thanks to Grand Theft Auto V. Those are the kind of numbers that can turn any accountant's head, and Take-Two believes Rockstar will be responsible for about 70% of its overall 2014 earnings, with half of that being US domestic, half international.

But this is no time for resting on laurels. Take-Two's got all kinds of projects on the go, with THQ's Evolve going to the Left 4 Dead studio Turtle Rock, a just-now-created 2K Bay Area studio working on an unnamed next-generation title, and more than 10 unique titles for next-generation consoles. What titles, you ask? Wouldn't you like to know, but Take-Two promises reveals over the next few months.

"The need to deliver the highest-quality entertainment has never been more important," says president Karl Slatoff, "and we believe that consumers will continue to seek the most groundbreaking and immersive experiences as we enter the next generation for our industry."

Source: Take-Two via Seeking Alpha

Disclosure(s): Strauss Zelnick, Chief Executive Officer and Chairman of the Board of Directors of Take-Two Interactive Software, Inc., is the head of ZelnickMedia, an investor in both Take-Two and Defy Media, LLC, our parent company. This article was published without approval or consent of ZelnickMedia or Take-Two.
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