Take-Two has its chin up despite a down first quarter
It was 'better than expected'
Take-Two may have lost money in the first quarter of the 2014 fiscal year, but it has high hopes for the remainder of the year. The publisher, who owns Rockstar Games and 2K Games, reported a first quarter net loss of $61.9 million, and revenue of $142.7 million -- a decline of 36.9% when compared to the same time in fiscal 2013.
The drop didn't necessarily take the company by surprise. It called the financial results "better than expected". The largest contributors to the three-month revenue were Borderlands 2, NBA 2K13, Grand Theft Auto IV, and BioShock Infinite -- all games that released outside of the quarter one window. The year-over-year decrease in revenue can, in part, be attributed to Max Payne 3 and Spec Ops: The Line being released during the first quarter of fiscal 2013.
A bright spot was the release of XCOM: Enemy Unknown on iOS. CEO Strauss Zelnick said that its strong sales at $20 proved that "gamers are willing to pay a premium price for a premium experience." He added that Take Two would look into adapting more big budget games to mobile platforms.
Zelnick also stated that BioShock Infinite had surpassed four million sales, and is Take-Two's strongest multi-platform release so far this year. Additionally, he said that the company expects it to become the best selling BioShock game.
Take-Two seems certain that it's weak first quarter will be offset by the second quarter and the rest of the year. Citing Grand Theft Auto V, NBA 2K14, and WWE 2K14, the publisher feels that fiscal 2014 is shaping up to be one of its best years ever.
BioShock Infinite sales pass 4 million [Joystiq] Setup email comments
Take-Two Interactive Software, Inc. Reports Results for Fiscal First Quarter 2014 [Take-Two]
XCOM On iOS Proves 'Gamers Are Willing To Pay Premium Price For A Premium Experience [Game Informer]
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