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Take-Two makes another killing

by on06 November 2015


This time financially

Video game outfit Take-Two’s third-quarter adjusted revenue nearly tripled, topping analysts' estimates, as sales of its "Grand Theft Auto V" and "NBA 2K16" titles surged.

The company also benefited from its strong digital business, which made up 38.6 percent of its total adjusted sales for the second quarter.

Physical sales of "NBA 2K16", a basketball simulation game, ranked the highest on research firm NPD Group's top five games for September. "Grand Theft Auto V" was the fourth in the list for July and August.

Grand Theft Auto, which allows players to cruise around a make-believe gameworld based on real-life locations, is the company's most lucrative franchise.

The company also raised its full year revenue forecast to $1.33 billion-$1.43 billion from its previous forecast of $1.30 billion-$1.40 billion, and raised its adjusted profit forecasts Analysts were expecting a revenue of $1.41 billion.

Take-Two Chief Executive Strauss Zelnick said that observers should expect to see the strong players in the videogame market, including Take-Two making more buy-outs.

The company had an adjusted net income of $32.7 million in the second quarter ended September 30, from a net loss of $35.4 million last year. Excluding items, revenue rose to $364.9 million from $135.4 million.

Last modified on 06 November 2015
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