Take-Two Increases Expectations After Strong First Quarter

The first quarter of 2014 fiscal year was generous to Grand Theft Auto publisher Take-Two Interactive. $144.3 million generous, to be exact.

Take-Two’s Q1 earnings report shows it estimated its revenue at $124.8, but came in well over that. And while it reported and earnings-per-share loss of 54 cents, that also beat its 57 cent estimate.

The company decided to embrace its strong earnings, announcing a revised 2014 outlook for its full fiscal year, raising its estimations from $1.775 billion to $1.875 billion.

Take-Two chief executive Strauss Zelnick released a statement in which he said, “We continue to benefit from robust demand for our recent genre-leading releases, iconic catalog titles, and growing portfolio of innovative digitally delivered offerings.”

The biggest contributors to Take-Two’s revenue were Bioshock: Infinite, Grand Theft Auto IV, Borderlands 2, Red Dead Redemption and NBA 2K13. Its legacy games totaled 60 percent of its sales.

“With Grand Theft Auto V launching on Sept. 17, followed by the releases of NBA 2K14 and WWE 2K14, fiscal 2014 is poised to be one of our best years ever,” said Zelnick. “Looking ahead, we are well positioned to capitalize on the opportunities presented by the upcoming launches of the next-generation consoles. We have an extensive development pipeline, highlighted by proven franchises and groundbreaking new intellectual property. As a result, we expect to continue to deliver non-GAAP profits in fiscal 2015 and for the foreseeable future.”

Via Venture Beat