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Take-Two Has A Strong Fiscal Third Quarter, But Can't Match FY14's GTA-Powered Results

by Mike Futter on Feb 03, 2015 at 09:29 AM


Take-Two has announced its third quarter earnings (ending December 31, 2014) for fiscal year 2015. The company reports strong sales and profits, though it's quite clear how important Grand Theft Auto V is to the company's performance.

The company's net revenue (based on generally accepted accounting principles) was $531.1 million, compared to $1.86 billion in the same quarter last year. Likewise, profits for the quarter were $40.1 million, compared to $578.4 million.

Take-Two reports strong digital sales, with 64% of the total non-GAAP net revenue of $954 million (up from $767.7 million last year) related to full-game downloads and add-ons. The $212.7 million earned from digital are attributed to Grand Theft Auto back catalog titles, NBA 2K15, Borderlands games, and Civilization: Beyond Earth. Furthermore, virtual currency for games like NBA 2K15 and Grand Theft Auto online grew 23 percent year-over-year.

The publisher anticipates a strong finish to the year, with Evolve, Grand Theft Auto V on PC, and Borderlands: The Handsome Collection all due out before the close of the fiscal period on March 31, 2014. We'll have more from Take-Two during the earnings call, which begins momentarily.


Our Take
Take-Two is still very heavily reliant on Rockstar and Grand Theft Auto, but that also means good news for fourth quarter. The PC community has been eagerly awaiting Grand Theft Auto V, and the sales should be immense. Evolve is positioned to do well, and the active Borderlands community is likely to snap up The Handsome Collection, especially since it's loaded with all the DLC. Take-Two should be quite pleased with its performance this year.