The lights are on
Take-Two has announced its second quarter 2014 financial results today. The company’s net revenue (non-GAAP) amounts to $1.27 billion, with net income jumping from $10.2 million in second quarter last year to $325.6 million in fiscal 2014. Performance was driven by the success of Grand Theft Auto V.
Additionally, Take-Two reports $118.9 million in revenue related to back catalog. Grand Theft Auto IV was the top performer in that category with Borderlands 2, Civilization V, NBA 2K13, and Red Dead Redemption playing their roles.
The GAAP results were significantly different, largely due to the absence of Grand Theft Auto V sell-in. Net loss amounted to $124.1 million, up from $12.4 million. Next quarter, when Grand Theft Auto V is fully reflected, expect GAAP numbers to look significantly better.
According to CEO Strauss Zelnick, this quarter’s performance is record-breaking. Grand Theft Auto V also broke records, raking in $1 billion in its first three days on the market.
Our TakeA number of titles are mentioned in Take-Two’s press release. Conspicuously missing from the back catalog list (but mentioned in the digital list) is BioShock Infinite. The title is only a few months old, and seems to be outsold by titles that have been out far longer, especially in the case of Red Dead Redemption and GTA IV. Here’s hoping that the upcoming Burial at Sea Episode 1 DLC can reinvigorate interest in Booker and Elizabeth.