Take-Two Moves Back Into Profit
Publisher meets goal of turning a profit without a GTA release as Red Dead sales near 8m.
Take-Two Interactive has reported profits of $42.5 million for the twelve months ending October 31.
Over the same period last year the publisher sustained losses of $140m. Net revenue rose to $1.16 billion, an increase of 65% on the previous year.
Take-Two said the results were primarily driven by sales of Red Dead Redemption, which it claims has now sold almost eight million copies. 2k Sports’ NBA2K11 has sold more than three million thanks to positive reviews and EA cancelling the release of NBA Elite.
The increased revenue was also driven by digital sales, with DLC expansions for Red Dead Redemption and Mafia II selling well.
Ben Feder, CEO, said: “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.”
Strauss Zelnick, chairman, added: “We plan to build on the talents of our world-class creative team to deliver an increasingly diverse portfolio of high-quality titles.
“We will also pursue opportunities to enter newer areas of the interactive entertainment business, such as digitally delivered content and the expanding Asian and Latin American markets.”