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Take-Two swings to profit, has high hopes for  Red Dead Redemption 2

Take-Two swings to profit, has high hopes for Red Dead Redemption 2

February 7, 2018 | By Emma Kidwell

February 7, 2018 | By Emma Kidwell
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More: Console/PC, Business/Marketing

Grand Theft Auto publisher Take-Two Interactive today reported a modest bump in revenue and a swing to profit for the fiscal quarter ended December 31.

The company said one of its main focuses--expanding digital sales--is on track, stating that recurrent consumer spending (purchases of DLC, in-game currency and microtransactions) grew 64 percent year-over-year and accounted for 32 percent of total net revenue.

Ongoing revenue from Grand Theft Auto Online and the successful launch of NBA 2K18 were attributed for the growth seen in recurrent consumer spending.

Take-Two reported quarterly (GAAP) net revenue of $480.8 million, up from $476.5 million for the same quarter a year ago. Net income was $25.1 million, up from a net loss $29.8 million.

Take-Two is optimistic about the company's  prospects for fiscal 2019. CEO Strauss Zelnick confirmed Rockstar Games' recently-delayed open world horse-wranglin' gun-slingin' cowboy simulator Red Dead Redemption 2 will launch on October 26, 2018.

Zelnick added, "We continue to expect to deliver both record net bookings and record net cash provided by operating activities in fiscal 2019, in excess of $2.5 billion and $700 million, respectively, led by the launches of Red Dead Redemption 2 and a highly anticipated new title from one of 2K’s biggest franchises."

The company raised its net revenue guidance for the year ending March 31, 2018 to range between $1.8 and $1.85 billion, with profits expected to range between $170 to $181 million.

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