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Take-Two Q1 Financials: Team Bondi Sells 4 Million, Red Dead Redemption Passes 10 Million Sold

by Ernice Gilbert on August 8th, 2011, under News, Take-Two

You would think after reporting that L.A. Noire had sold over 4 million copies across platforms, and Red Dead Redemption selling more than 10 million units, Take-Two’s Q1 earnings report would be all black, but that’s not the case.

The firm’s net revenue for Q1 was at $334.4 million, a 12 percent decrease from $375.4 million in the same period last year. GAAP (Generally Accepted Accounting Principles) loss was at $8.6 million compared to $27.4 million in GAAP income.

“During the first quarter, we delivered revenue and Non-GAAP profits that were in line with our expectations,” Take Two CEO Strauss Zelnick said.

“Our results benefited from the launch of Rockstar’s groundbreaking and critically acclaimed title – L.A. Noire, the release of Duke Nukem Forever, continued strong sales of NBA 2K11 and Red Dead Redemption, and growth in digitally delivered content.

Given our solid performance year-to-date and robust pipeline of upcoming new releases, we are well positioned to be profitable on a Non-GAAP basis in fiscal year 2012.”

In after-hours trading, the firm’s stock fell 5 percent following the earnings release.

The company’s looking up, though, saying Duke Nukem is “projected to be profitable”, however no figures were given. The loss the company saw this quarter was attributed to poor Duke Nukem sales, and a increase in marketing spending.

Take-Two’s also taken note of the rise in mobile gaming with mobile devices, and will continue its expansion in said share of market.

“We’re focused on building new franchises, diversifying our approach. For example, you can look at what Red Dead Redemption did for us in our last fiscal year,” Zelnick added.

DLC revenue saw a sharp rise over last year with $24.6 million in sales, an increase of 49 percent.

No Grand Theft Auto V news.

Thanks, VG247.

2 Comments

  1. Tue, 9th Aug 2011 at 4:08 am

    not surprising seeing they had a few big games last year, this year they only had 1 and it was not exactly a big game.
    im shocked and delighted to see how well LA Noire has sold!
    4M in the space of 2 months from a unknown developer, a developer who has never made a game before, in a country who only does crappy movie and sports games, for a new IP, for a totally new different genre!
    not bad, not bad at all!
    team bondi should be proud of themselves!
    hopefully this gives publishers a wake up call and proves to them we can do more then crappy movie tie ins!!!!!

  2. Tue, 9th Aug 2011 at 7:00 am

    Yeah. Shame what’s going on with them now….But that’s good performance!

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