Take-Two income nearly quadruples in Q3

Take-Two income nearly quadruples in Q3
Seth Tipps

By Seth Tipps

February 6th 2013 at 8:02AM

Digital up 244% after strong sales of XCOM, NBA 2K13 and Borderlands 2

Take-Two has posted a remarkable results for Q3 2013, showing a 76 percent growth in revenues.

The publisher reaped the rewards some of the biggest titles of the holiday season: XCOM: Enemy Unknown, Borderlands 2, and NBA 2K13.

The latter broke sales records - EA cancelled the only competing game - and shipped 4.5 million copies.

Together this titanic trio resulted in net income of $71.3 million - a staggering increase of nearly 400 per cent from last year's $14.1 million.

Revenue climbed from $236.3 to $415.8 million, and digital sales soared by 244 percent.

"Take-Two's positive business momentum continued in the third quarter, enabling us to deliver growth and profits that exceeded our outlook," said Take-Two CEO Strauss Zelnick.

"Our results benefited from the record-breaking launch of NBA 2K13, along with continued strong demand for Borderlands 2, the successful launch of XCOM: Enemy Unknown, and robust holiday sales of our catalog and growing portfolio of digitally delivered offerings."

The company has another set of aces up its sleeve for the coming months in Bioshock: Infinite and Grand Theft Auto V, which sit comfortably atop the pyramid of consumer anticipation as rival publishers wait for new console releases.

Even so the company is still behind for the year and has lost nearly $52 million in the past nine months.

"With consumer anticipation building for the launches of BioShock Infinite and Grand Theft Auto V, we are well positioned for a solid finish to fiscal year 2013 and substantial revenue and earnings growth in fiscal year 2014."

Take Two has raised its projections for the full year, and now expects $1.15 to $1.20 billion in non-GAAP earnings for 2013.

Expected non-GAAP revenue for Q4 2013 is between $235 amd $285 million.