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Take-Two Reports Gains In Revenue In First Quarter Of Fiscal 2016
Take-Two has announced the results of its first quarter for fiscal year 2016, with year-over-year sales improvement. The company shows gains in revenue, but net income was down prior to the busy release season.
GAAP (generally accepted accounting principles) net revenue rose to $275.3 million, up 119 percent. Net loss was $67 million compared to $35.4 million last year. Take-Two explains this as being a result of deferred revenue related to some retail sell-in during the quarter.
Take-Two reports that digital full-game and add-on sales grew by 139 percent year-over-year (non-GAAP). This represents 69 percent of Take-Two’s total non-GAAP revenue for the quarter, making it the latest publisher to show significant growth in this area.
Take-Two is set for major releases in the coming months. These include annual entries in the NBA 2K and WWE 2K franchise, XCOM 2, Battleborn, and the Civilization Beyond Earth: Rising Tide expansion. The publisher will also launch Civilization Online in Korea.
We’ll have more from Take-Two’s first quarter earnings call shortly.
Our Take
I’m interested to see if Take-Two discusses the still absent Grand Theft Auto V story expansions. While those would likely bring in sizable revenue, GTA Online is certainly pulling its weight with in-app purchases.
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