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Take-Two Interactive revenue rises 15 pct on "Grand Theft Auto V"
February 7, 2017 / 9:11 PM / 10 months ago

Take-Two Interactive revenue rises 15 pct on "Grand Theft Auto V"

Feb 7 (Reuters) - Take-Two Interactive Software Inc , best known for its hugely popular “Grand Theft Auto” video game series, reported a 15 percent rise in quarterly revenue.

The company said net revenue rose to $476.5 million from $414.2 million in the third quarter ended Dec. 31.

On an adjusted basis, the company reported revenue of $744.8 million, beating the average analysts’ estimate of $705.6 million, according to Thomson Reuters I/B/E/S.

The company benefited from sales of “Grand Theft Auto V”, the latest in the “Grand Theft Auto” series and higher digital downloads of its games during the quarter.

Take-Two had also released its pro-wrestling “WWE 2K17” and strategy “Sid Meier’s Civilization VI” games during the period, which also contributed to the increase in revenue.

The company’s net loss narrowed to $29.8 million, or 33 cents per share, from $42.4 million, or 51 cents per share, a year earlier, helped by lower total operating expenses.

Take-Two said it now expected a profit of between $1.15 to $1.25 per share for its full-year ending March 31, down from its earlier forecast of $1.80 and $2.09.

The company also trimmed the top end of its full-year revenue forecast range to $1.80 billion from $1.85 billion. The company retained the lower end at $1.75 billion. (Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)

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