The lights are on
Take-Two has released its first quarter earnings for fiscal year 2015. Despite a largely empty schedule, the company exceeded expectations amidst a revenue slide from last year at the same time.
Net revenue dropped from $142.7 million to $125.4 million. The big news is that Evolve has been delayed until February 10, 2015. It still sits in Take-Two’s current fiscal year and should have a minimal impact on results.
Take-Two recorded a loss of $35.4 million in this quarter, an improvement from the $61.9 million loss in the same quarter last year. Digital revenue, a growing part of Take-Two's portfolio, is up year-over-year. In this quarter, it represents 64 percent of total revenues, an increase from 51 percent last year.
Despite the slide, Take-Two outperformed its expectations. The company credits NBA 2K14 and Grand Theft Auto V as strong performers, filling in a quarter without any major releases.
Take-Two still has its biggest titles ahead, with Grand Theft Auto V coming to PC and new-gen consoles, and, Borderlands The Pre-Sequel, WWE 2K15, and Civilization Beyond Earth all arriving in October.
There is no specific date yet for Grand Theft Auto V’s release.
Our TakeEvolve’s delay is surprising, but 2K’s fall lineup is still strong. Turtle Rock now has a bit more time, and 2K doesn’t have any gaps. This spreads out revenue and should ultimately result in a better game.