Take-Two's big franchise focus paying off
Take-Two's focus on big triple-A franchises paid off for its latest financial quarter.
Irrational Games' BioShock Infinite
drove revenues to $300 million for the fourth fiscal quarter ended March 31. That's up from $148.1 million for the same quarter a year ago.
Profits were $21.2 million, up from the $66 million loss reported for the comparable quarter last year.
Digital sales saw a 192 percent increase year-over-year, with digital sales making up 27 percent ($81.8 million) of total non-GAAP revenue.
For the full year, Take-Two reported revenues of $1.21 billion, up from $825.8 million last year. Annual net loss was $31.2 million, an improvement from last year's net loss of $107.7 million.
Top-selling games for the year were Borderlands 2, NBA 2K13, BioShock Infinite, Max Payne 3, Grand Theft Auto IV, XCOM: Enemy Unknown
and Red Dead Redemption
Investors were pleased with the quarterly report, with shares rising as high as 6 percent in after hours trading on the Nasdaq.
Looking ahead, Take-Two expects the current year to be a big one, with Grand Theft Auto V
from Rockstar Games slated to arrive in September.
More information can be found on Take-Two's investor website