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GTA4 Drives Take Two's Q2 FY09 News
Chris Leyton
06/06/2008
Fuelled by the success of GTA4 Take Two Interactive today announced a 163% increase in net revenue for the second fiscal quarter...
In the quarter ended April 30th 2008, Take Two saw net revenues of $539.8 million compared to $205.4 million in the previous year. Net income for the second quarter period was $98.2 million, in contrast to a $51.2 million loss for the same quarter of fiscal 2007.
Highlighting the costs associated with Take-Two's other notable activities during the period, specifically the continued EA ramblings, the second quarter saw legal expenses and professional fees of $3.8 million primarily related to the ongoing acquisition.
Sales figures for GTA4 as of May 31st 2008 reveal that over 11 million copies have been sold to retail, with approximately 8 million units sold through to gamers.
As a likely result of GTA4's performance, Take-Two has decided to upgrade its expectations for proceeding quarters. Net revenue for the third quarter is expected to increase from $325 million to $375 million; fourth quarter increased from $300 million to $350 million; full year $1.4 billion to $1.5 billion.
"Take-Two's performance has exceeded expectations through the first half of fiscal 2008, clearly demonstrating the creative, operational and financial strength of our business," noted Strauss Zelnick, Chairman of Take-Two. "Our results reflected the extraordinary success of Grand Theft Auto IV, the value of our catalog of titles, and our ongoing initiatives to improve the efficiency of our operations. We look forward to continuing to enhance stockholder value by building on our broad portfolio of internally developed and owned interactive entertainment brands, leveraging the opportunities in the current industry cycle, and operating our business in an effective manner."
Ben Feder, Chief Executive Officer of Take-Two, added, "Based on the Company's stronger than expected results, we have increased our financial guidance for fiscal 2008 and are confident in our ability to continue to perform for the balance of the year. Furthermore, Take-Two is extremely well positioned in an industry that is experiencing explosive growth. We believe that our exceptional creative talent, diverse range of hit products, and the proven global demand for our titles will be the drivers of increasing value over time."
Anonymous
Date Added:Tue 2nd Sep 2008 15:59
Anonymous
Date Added:Wed 27th Aug 2008 12:46
firstmitsukai
Date Added:Wed 20th Aug 2008 20:58
gfh-77
Date Added:Mon 7th Jul 2008 16:14
yep the promotional codes for points and gamer pics no longer works, the codes have now expired even though there's no expiration date. nice one microsoft... [ Read full comment... ]
Anonymous
Date Added:Fri 20th Jun 2008 15:55
randomuser
Date Added:Wed 18th Jun 2008 00:05
Anonymous
Date Added:Tue 17th Jun 2008 01:47
gfh-77
Date Added:Sat 7th Jun 2008 08:10
gfh-77
Date Added:Sat 7th Jun 2008 08:06
Date Added:Tue 20th May 2008 11:56
where the love is the xbox 360 patch aint no update for us just love in Sony n its love in ps3 love dat n sort out 360 as well wiv it goin down in price it will b like all past consoles a flopp its getti... [ Read full comment... ]
Anonymous
Date Added:Fri 6th Jun 2008 20:16