Take-Two Suffers Net Loss of $35.4 Million, GTA V Ships Over 34 Million Units
Take-Two Interactive has released its earnings for the first quarter of the financial year ending 2015, and has noted that the publisher has suffered a GAAP net loss of $35.4 million. However, this isn’t bad news for the company as last year’s Q1 loss was $61.9 million. On the other hand, net revenues declined by 12% to $125.4 million.
On non-GAAP basis, sales grew by 5% to $151.6 million and net loss was reduced to $11.2 million. Take-Two has attributed this to sales of digital content, which generated a revenue of $106.4 million – a 43% year-on-year increase. Notable titles sold digitally include NBA 2K14, Grand Theft Auto V, Grand Theft Auto Online and Borderlands 2.
In an earnings call, Chairman of Take-Two, Strauss Zelnick, revealed that Grand Theft Auto V has shipped over 34 million units.
During the fiscal first quarter, we delivered Non-GAAP revenue growth without the benefit of any major new releases. Our better-than-expected results were driven by the strength of our expanding portfolio of digitally-delivered offerings combined with persistent robust demand for NBA 2K14 and Grand Theft Auto V.
In related news, Evolve has been delayed until 2015. You can read more on that here.