Take-Two: Quarterly Sales Doubled, Still Posted a Loss

Take-Two Interactive today released its earnings report for the three months ended September 30, posting booming revenues for the quarter, but warning that it would fall drastically short of its full year projections. It posted net revenues of $273.1 million, up from $107 million from the same period a year ago. During that same period a year ago Civilization V: Game of the Year Edition helped drive the company's revenues.

This year Borderlands 2 was doing the driving. According to Take-Two, the game has shipped more than 5 million copies shipped to date. Revenues were also driven by back catalog sales of Grand Theft Auto IV and Red Dead Redemption. The company also noted that its digital sales had grown 108 percent year-over-year, accounting for about $57.6 million in sales. Despite the increased sale and Borderlands 2's success, Take-Two still posted a net loss for the quarter of $12.5 million, compared to a $41.5 million net loss for the same period the year before.

Take-Two also downgraded its full-year expectations moving from a full-year sales forecast of $1.7 billion to $1.8 billion to right around $1.1 billion to $1.2 billion. Take-Two attributed the lowered expectations "to reflect its revised assumed release schedule."

Source: GII

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