Today, Take-Two Interactive announce their financial results for the second quarter ending on April 30, 2010. Net revenue for the second quarter was $268 million, a 54% increase compared to $173.4 million for the same quarter last year. Net income saw a dramatic turnaround, rising to $16.9 million compared to a loss of $10.4 million in the second fiscal quarter of 2009.
"Our better than expected second quarter results reflect the solid performance of our triple-A titles and continued strength of our catalog business. The successful worldwide launch of Red Dead Redemption reflects the unparalleled creative talent that is a distinguishing strength of Take-Two, and the title has set new benchmarks for quality and innovation,” said Strauss Zelnick, Chairman of Take-Two. “We are incredibly proud of our creative teams and their success in delivering some of the best interactive entertainment experiences. We have raised our outlook for 2010 to reflect these achievements."
The company also reported on the six months ending on April 30, 2010 – a report that was still positive overall, but not as up as the second quarter. Net revenue came to $431.2 million compared to $323.6 million for the same period last year. The company suffered a loss of $16.9 million, but that remains an improvement over the $64.3 million loss last year.
Second quarter sales were driven by the excellent launches of Bioshock 2 (360, PS3, PC), Grand Theft Auto: Episodes From Liberty City (PS3, PC), and Major League Baseball 2K10 (All systems). The company also saw exceptional continued sales of NBA 2K10 and Grand Theft Auto IV. Grand Theft Auto IV alone has sold over 17 million units globally since launch.
Heading into the third fiscal quarter, Take-Two subsidiary Rockstar Games released Red Dead Redemption to blockbuster sales, having already sold 5 million units. The company also has a marquee lineup planned for the rest of the fiscal year with Rockstar's L.A. Noire, 2K Games Mafia II, Sid Meier's Civilization V for PC, New Carnival Games for Wii, NBA2K11, and NHL 2K11.
"The successful diversification of our portfolio and the ability to leverage our proven franchises has enabled Take-Two to strengthen its position as an industry leader. Our core business continues to gain momentum, and Rockstar's Red Dead Redemption is proving to be a hit,” said Ben Feder, CEO of Take-Two, commenting on recent and forthcoming releases. “We'll continue to build upon this success in the second half of our fiscal year with the release of several titles from our proven franchises, including Mafia II, Sid Meier's Civilization V, NBA 2K11 and New Carnival Games."
Unfortunately Max Payne 3, previously slated for this year, has had its release date moved outside of fiscal year 2010. 2K Marin is also working on a 360 and PC-exclusive “re-imagining” of the classic X-COM franchise, with no release date at this time.
