Take-Two Interactive has revealed its earnings
for the third-quarter ended December 31, 2013, once again posting another fantastic quarter for the company thanks in-part to the continued success of Grand Theft Auto V and NBA 2K14.
The company's financial results outperformed expectations, with $1.86 billion of net revenue for the three-month period. That represented an increase of about 348 percent over the $415.8 million in revenue from the same quarter in 2012. On a non-GAAP (generally accepted accounting principles) basis, Take-Two pulled in $767.7 million of net revenue, beating its previously given expectations for the quarter of $650 million to $700 million. The revenue numbers provided for a GAAP operating income of $606.3 million and a GAAP net income of $578.43 million.
According to the report, Rockstar's behemoth of a title Grand Theft Auto V has sold-in more than 32.5 million copies since launching last year, and also nabbing the best selling game of 2013. The better-than-expected results led Take-Two to raise its guidance for the full 2014 fiscal year, which ends March 31, 2014. Take-Two now expects non-GAAP net revenue for the full year to fall between $2.35 billion and $2.38 billion, instead of between $2.2 billion and $2.3 billion.
CEO Strauss Zelnick remarked, "As a result of our third quarter performance, we have once again raised our revenue and earnings outlook for fiscal 2014, which is poised to be a record year for Take-Two. Looking ahead, we firmly expect to deliver non-GAAP earnings in fiscal 2015 and every year for the foreseeable future. This confidence is based on our development pipeline of groundbreaking new intellectual properties and offerings from our proven franchises, which bear the hallmark of our commitment to provide the highest quality entertainment experiences."