Take-Two records $1.16 billion in revenue over last fiscal year, regains profitability
Take-Two Interactive, publisher of this year's Red Dead Redemption and Civilization V, among others, today announced net revenue earnings of $1.16 billion for the 12 months ending October 31, 2010, a 65-percent growth over the previous fiscal year's revenues. In all, after operating expenses and taxes, Take-Two earned $42.6 million in profit for the year -- quite a turnaround from the $140.5 million hole (read: net loss) it dug itself last fiscal year. Software sales slump, what now?
In its fourth quarter alone (August–October), Take-Two brought in $373.7 million in revenue, roughly 32 percent more than in the same period in 2009, working out to $53.8 million in income for the close-out quarter. "We have achieved our goal of profitability in a year without a new release of Grand Theft Auto," boasted soon to be ex-CEO Ben Feder, citing Red Dead Redemption and NBA 2K11, "as well as strong sales of catalog titles and digitally-delivered content," as key to the publisher's success.
Take-Two is currently in the midst of a five-month "transition period," having changed its fiscal calendar to now begin April 1 (instead of Nov. 1). Chairman Strauss Zelnick said the company will be focused on "newer areas of the interactive entertainment business, such as digitally-delivered content and the expanding Asian and Latin American markets" through the end of 2010.
