Take-Two's first quarter of fiscal 2013 is down and out, projections still high
Take-Two's net revenue for the first quarter of fiscal year 2013 clocked in at $226.1 million, down from the previous year's $334.4 million. Take-Two hit a gross profit of $39.4 million for the first quarter of 2013, compared to $123.2 million in the same period last year. The company's GAAP loss was $110.8 million, up from the previous financial period, which saw an $8.6 million loss.
Major contributors to Take-Two's finances during the first quarter were Max Payne 3, NBA 2K12, Spec Ops: The Line and catalog sales in the Grand Theft Auto and Red Dead Redemption franchises. Catalog sales accounted for 26 percent of Take-Two's net revenue, up 50 percent year-over-year. Digital revenue grew 33 percent and accounted for 14 percent of this period's net revenue.
Take-Two has adjusted its fiscal year 2013 outlook slightly, expecting $1.7 - $1.8 billion by March 2013, rather than the $1.75 - $1.85 it reported in May. Take-Two still has to launch Borderlands 2, NBA 2K13 and XCOM: Enemy Unknown this fiscal year. This leaves a probable gap of $600 - $700 million in sales, considering the year runaway hit Red Dead Redemption launched Take-Two reported just $1.45 billion in revenue.
On a related note, Grand Theft Auto 5 is still categorized as "TBA" for both its platforms and launch date.
