‘Grand Theft Auto V’ Fuels Game Maker Take-Two Interactive’s Revenue
Take-Two Interactive Software, best known for its hugely popular Grand Theft Auto video game series, reported a 15% rise in quarterly revenue.
The company said net revenue rose to $476.5 million from $414.2 million in the third quarter ended Dec. 31.
On an adjusted basis, the company reported revenue of $744.8 million, beating the average analysts’ estimate of $705.6 million, according to Thomson Reuters (TRI).
The company benefited from sales of Grand Theft Auto V, the latest in the Grand Theft Auto series and higher digital downloads of its games during the quarter.
Take-Two had also released its pro-wrestling WWE 2K17 and strategy Sid Meier’s Civilization VI games during the period, which also contributed to the increase in revenue.
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The company’s net loss narrowed to $29.8 million, or 33 cents per share, from $42.4 million, or 51 cents per share, a year earlier, helped by lower total operating expenses.
Take-Two (TTWO) said it now expected a profit of between $1.15 to $1.25 per share for its full-year ending March 31, down from its earlier forecast of $1.80 and $2.09.
The company also trimmed the top end of its full-year revenue forecast range to $1.80 billion from $1.85 billion. The company retained the lower end at $1.75 billion.