Take-Two Revenue Grew 169% to $365M

6th November, 0 replies

Take-Two Interactive has released its earnings report for the second fiscal quarter 2016. Non-GAAP revenue grew 169 percent year-over-year to $364.9 million. Non-GAAP net income increased to $32.7 million. This compares to a net loss of $35.4 million a year ago.

Digital game revenue grew 57 percent year-over-year to $141 million. The most popular digital franchises were Grand Theft Auto, NBA 2K, Borderlands and WWE 2K.

"Take-Two once again delivered better-than-expected Non-GAAP revenue and earnings growth," said Take-Two CEO Strauss Zelnick. "Our second quarter results were anchored by the series record-breaking launch of NBA 2K16, along with ongoing demand for Grand Theft Auto V and strong growth in recurrent consumer spending.

"Our holiday season is off to a great start, including the successful release of WWE 2K16, and we expect the installed base of new-gen consoles to expand further and broaden our global audience. We are raising our fiscal 2016 financial outlook to reflect our outperformance in the second quarter and positive forecast for the balance of the year."

"With our robust development pipeline and increasing contribution from recurrent consumer spending, Take-Two is better positioned than ever to generate revenue growth and margin expansion in future years, and returns for our shareholders over the long-term."

Looking ahead to the entire fiscal year, which ends on March 31st, Take-Two expects non-GAAP revenue to be between $1.325 billion and $1.425 billion.

Major upcoming releases include Borderlands Triple Pack, Civilization Revolution 2 Plus, XCOM 2, Battleborn, and Mafia III.

Source:

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