Take-Two posts $143 million net revenue in Q1, raises yearly outlook

TakeTwo posts $143 million net revenue in Q1, raises outlook for year
Take-Two reported $142.7 million in net revenue during Q1 2014, down from $226.1 million in Q1 2013. It drew a net operating loss of $61.9 million this quarter, compared with $110.8 million from 2013 – the company contributed part of the loss to software development costs of a canceled 2K game that totaled $29.6 million.

Take-Two attributes its first quarter net revenue to sales within Borderlands 2, NBA 2K13, Grand Theft Auto 4 and BioShock Infinite. Infinite sold more than 4 million units to date, CEO Strauss Zelnick said during Take-Two's financial call.

Zelnick said he expected Grand Theft Auto 5 and 2K sports games to bolster Take-Two's fiscal 2014 numbers later this year.

"With Grand Theft Auto 5 launching on September 17, followed by the releases of NBA 2K14 and WWE 2K14, fiscal 2014 is poised to be one of our best years ever," he said. "Looking ahead, we are well-positioned to capitalize on the opportunities presented by the upcoming launches of the next-generation consoles."

Take-Two increased its outlook for fiscal year 2014 from $1.775 billion to $1.875 billion in non-GAAP net revenue.

This article was originally published on Joystiq.