Take-Two Celebrates Huge Profits Despite No GTA
Today Take-Two published its annual earnings, which bucked the company's trend of losing money without the support of a new GTA sequel on the market.
Thanks to the stunning success of Red Dead Redemption -- which has shipped 8 million copies to date -- as well as healthy sales for NBA 2K11, Civilization V, and Mafia II, Take-Two's revenue for the year rose 65% to $1.16 billion, with a profit of $49.7 million. This is in stark contrast to the company's $130 million loss last year.
CEO Ben Feder touted the better-than expected results in a statement. "We have achieved our goal of profitability in a year without a new release of Grand Theft Auto...Our better-than-expected revenue growth and margin expansion were driven by strong demand for our diverse portfolio of games, including the hit new titles Red Dead Redemption and NBA 2K11, as well as strong sales of catalog titles and digitally delivered content. I am also pleased to report that our 2K Sports division was profitable during the period."
NBA 2K11's success was undoubtedly helped by the cancellation of EA's NBA Elite 11, as the game has gone on to ship 3 million copies across the globe.