fiscal-2913
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Take-Two revenue up 155% during Q2, outlook removes $600 million following GTA 5 delay
Take-Two had a great second quarter (ending September 30), with revenues of $273.1 million, a 155 percent increase from the $107 million in the previous Q2. At the end of the day, however, the company did have a net loss of $12.5 million, which is still significantly better than the $123.3 loss from the same period last year.The big gun during the quarter was Borderlands 2, which shipped over 5 million units, along with catalog sales of Grand Theft Auto 4 and Red Dead Redemption. Revenue from digital distribution was up 108 percent year-over-year, with "strong digital sales" (i.e. non-retail) mentioned for new releases Borderlands 2 and XCOM: Enemy Unknown.With Grand Theft Auto 5 officially given a spring 2013 release window, it should be noted that Take-Two reduced its "financial outlook" for the fiscal year ending March 31, 2013, removing $600 million in forecasted sales. That extra $600 million raised our eyebrows when it appeared in the company's projections at the beginning of the fiscal year, as the math would only really work out if Take-Two was planning GTA 5 before April 1, 2013. That is, obviously, no longer the case and the company has reduced its outlook to "reflect its revised assumed release schedule."
