Take-Two Profits Rise On Red Dead Success
Third-quarter profits climb almost eight per cent thanks to Red Dead Redemption’s 8 million sales.
Take-Two interactive has posted a solid set of third-quarter financial results, with profits climbing 7.7 per cent, thanks largely to Red Dead Redemption, which the publisher says has now passed eight million sales worldwide.
Net income for the three months ending 31 December 2010 was $40.8 million, compared to the $37.9 million profit it posted in the same period in 2009. For the first nine months of the fiscal year profits totalled $70.5 million, a dramatic increase on the $113 million loss it had sustained by December 31 2009.
While net sales revenue for the quarter dropped by just over 7 per cent year on year to $334.3 million, sales for the nine months to December 31 were £954.6 million, an increase of 80 per cent.
In addition to Red Dead Redemption’s excellent sales Take-Two also benefited from the performance of NBA 2K11, which is approaching four million sales, and also singled out the likes of Red Dead expansion Undead Nightmare and Civilization V for praise.
Take-Two CEO Strauss Zelnick said: “Strong holiday sales enabled Take-Two to continue to deliver better-than-expected revenue and earnings in the third quarter. Our results year-to-date clearly demonstrate the Company’s ability to translate its world-class creative resources and diverse portfolio of triple-A franchises into meaningful profits.”
Zelnick is confident that Take-Two will sustain its performance in the coming fiscal year, saying: “I have never been more enthusiastic about our diverse line-up of upcoming releases.” The publisher is to release the likes of L.A. Noire, Duke Nukem Forever and a Kinect incarnation of its seven million-selling Carnival Games franchise.