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Take-Two Closes First Quarter With Improved Revenue, But Net Loss
Take-Two improved its net loss situation over last year’s first quarter thanks to improved revenue. The company’s sales increased 13.2 percent to $311.6 million for the quarter.
Despite the growth, Take-Two showed a $38.6 million net loss on the quarter. Even though the bottom line is in the red for the start of the year, this is a significant improvement from the $67 million that kicked off last fiscal year.
Digital continues to be an important part of Take-Two’s business, with more than 55 percent of revenues attributed to full-game and add-on downloads. This is slightly down proportionally from last year’s first quarter digital revenue of 56 percent.
Despite the slow start, Take-Two anticipates finishing its year with net income between $208 million and $244 million. The company is looking ahead to the releases of the BioShock Collection, XCOM 2 on console, WWE 2K17, NBA 2K17, Mafia III, and Civilization VI.
Take-Two is hosting its first quarter earnings call this afternoon.
Our Take
Other than the slight delay for XCOM 2 from September 6 to September 27, the company is staying the course in terms of its release schedule. Other than possible re-releases that haven’t been revealed, we know what to expect through the May 31, 2017 close. Take-Two is off to a better start this year, and with a full slate in the fall should be better positioned, especially if Rockstar is ready to announce for next fiscal year.
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