Take-Two revealed their financials for the first quarter of fiscal year 2014 today, with sales down 37% year on year to $142.7 million, with last year benefiting from the releases of Max Payne 3 and Spec Ops: The Line.
What contributed to their sales during that first quarter were Borderlands 2, NBA 2K13, Grand Theft Auto IV, and BioShock Infinite. Catalog sales made up 60% of their net revenue, with the Borderlands and Grand Theft Auto franchises, as well as Red Dead Redemption leading the way. On the digital side of things, Take-Two saw a growth of 128% thanks to Borderlands 2, the Grand Theft Auto franchise, NBA 2K13, and BioShock Infinite.
Strauss Zelnick, Chairman and CEO of Take-Two, talked about the numbers:
Our better-than-expected first quarter results demonstrate that the market remains strong for the highest-quality interactive entertainment. 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.
Likely due to that release of GTA V on September 17th, Take-Two is expecting the second quarter of this fiscal year (ending September 30th) to have a net revenue of $750 to $800 million, with the company estimating a full fiscal year of $1.775 to $1.875 billion.
During the conference call following the release of the financials, it was detailed that BioShock Infinite has crossed 4 million copies sold, and Take-Two expects it “to become the top-selling release in the BioShock franchise.” As for Grand Theft Auto IV, that is currently over 25 million.
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