Publisher Take-Two Interactive released financial results for its fiscal third quarter ending December 31, 2013, revealing that it raked in a whopping $578 million in profits. The company attributed the lion's share of this profit to its latest game in the popular Grand Theft Auto series, Grand Theft Auto V.
Profits were up by leaps and bounds compared to the same period a year ago when it realized a profit of $70.9 million. Net revenue was up significantly to around $1.86 billion, from $415.8 million the prior year. The company also said it had "cash and cash equivalents" of $972.2 million.
Looking ahead, the company raised its revenue and earnings outlook for fiscal 2014.
The company said that it has shipped 32.5 million copies of its flagship title for PS3 and Xbox 360 to retailers worldwide. While that's not the same as "sell-through" to consumers, it shows that retailers are committed to the title and anticipate unloading stock to consumers in the days, weeks, and months ahead. Take-Two also said that it has shipped 5 million units of NBA 2K14, and that the total shipments of the series sits somewhere near 35 million.
On a related note, when asked if a PC version of GTA V was in the works, Take-Two CEO Karl Slatoff wasn't giving any answers.
"At this point there's really nothing for us to say about that," said Slatoff.
"We haven't announced anything as it relates to any other platforms versus what's out there," he added.