Take-Two has announced that during their first quarter, ended June 30, they posted a $110.8 million loss. They attributed this loss in part to lower-than-expected sales of Spec Ops: The Line and Max Payne 3. In addition to the slow game sales, the company also took a hit from a one-time payment equaling $15 million.
Although some specific game sales were slower than expected, Take-Two’s revenues were driven by Spec Ops: The Line, Max Payne 3 (which has sold over three million copies), catalog sales from Grand Theft Auto and Red Dead Redemption, and continuing NBA 2K12 sales.
The brightest spot in the earnings report was digital sales which has grown 33% from the same period last year. These digital revenues constitute 13% of their net revenue.
Forecasted second quarter earnings are between $200-250 million with full year earnings expected to be between $1.7-1.8 billion.
In a spuriously related topic, Take-Two did confirm that Grand Theft Auto V is in full development and making substantial progress. No hints were given as to the release date of the highly anticipated title.
Lucas has evolved in his video game preferences. With a foundation in predominantly sports game, action adventure games are now his favorite to play. He is a competitive swimmer and likes to play volleyball, basketball, and golf.
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