Take-Two Interactive has reported its first financial report for 2014, revealing net revenue of $142.7 million, compared to $226.1 million year-over-year. A net loss of $61.9 million was also revealed in the report, compared to $110.8 million year-over-year which had benefited from the releases of Max Payne 3 and Spec Ops: The Line.
According to the report the largest contributors to the high earnings Borderlands 2, NBA 2K13, Grand Theft Auto IV, and BioShock Infinite. The large earnings has also surpassed the company's expectations, allowing the company to increase its financial outlook for fiscal year 2014. Catalog sales accounted for 60% of Non-GAAP net revenue led by the Borderlands franchise, the Grand Theft Auto franchise, and Red Dead Redemption.
The new financial report also revealed details about Take-Two's digital revenue, showing a staggering 128% growth for year-over-year and accounted for a record 52% of Non-GAAP net revenue, driven by offerings for Borderlands 2, the Grand Theft Auto franchise, NBA 2K13, and BioShock Infinite.
“Our better-than-expected first quarter results demonstrate that the market remains strong for the highest-quality interactive entertainment,” said Strauss Zelnick, Chairman and CEO of Take-Two. “We continue to benefit from robust demand for our recent genre-leading releases, iconic catalog titles and growing portfolio of innovative digitally delivered offerings.
“With Grand Theft Auto V launching on September 17th, followed by the releases of NBA 2K14 and WWE 2K14, fiscal 2014 is poised to be one of our best years ever. Looking ahead, we are well-positioned to capitalize on the opportunities presented by the upcoming launches of the next-generation consoles. We have an extensive development pipeline, highlighted by proven franchises and groundbreaking new intellectual property. As a result, we expect to continue to deliver Non-GAAP profits in fiscal 2015 and for the foreseeable future.”
During the conference call (via VG247
), Zelnick declined to comment on the next-gen systems, but did reveal that "even if the systems hypothetically made development more efficient, easier or faster he is not interested in his teams churning out content too fast as it burns the customer out."
During the conference call Take-Two revealed that BioShock Infinite, Irrational Games' latest title in the BioShock universe, has passed the four million sales point. Rockstar's Grand Theft Auto 4 was also revealed to have moved over 25 million units since its 2008 release, with its install base for current-generation consoles having increased three-fold since then.
Those wondering what the revenue mix was like for each platform, VG247
have reported as follows: console 73% compared to 84% year over year: PC and other accounted for 25% – up from 14% the prior year, and handheld games revenue remained flat at 2%.
Take-Two are preparing for a number of new releases this year, with The Bureau: XCOM Declassified, Grand Theft Auto 5, NBA 2K14, WWE 2K14, Borderlands 2: Ultimate Vault Hunter Upgrade Pack 2: Digistruct Peak Challenge (DLC), NBA 2K14, and BioShock Infinite: Burial at Sea (DLC) all set for launching within 2013.
You can find the full financial report available on the official website
, including a link to the investors conference call over here