February 6, 2019 / 12:03 PM / 10 months ago

Take-Two raises revenue forecast on "Red Dead Redemption 2" boost

Feb 6 (Reuters) - Videogame publisher Take-Two Interactive Software Inc on Wednesday raised its full-year adjusted revenue forecast and reported better-than-expected revenue for the third quarter, boosted by solid sales of its “Red Dead Redemption 2” and “NBA 2K19” titles.

New York-based Take-Two now expects full-year adjusted revenue at between $2.89 billion and $2.94 billion, compared with its previous forecast of $2.80 billion and $2.90 billion.

On an adjusted basis, the company reported revenue of $1.57 billion for the third quarter ended Dec. 31, beating the average analyst estimate of $1.50 billion.

Take-Two launched its highly awaited Western adventure game “Red Dead Redemption 2” in October after multiple previous delays. The game made over $725 million in worldwide retail sales during its opening weekend.

To date, “Red Dead Redemption 2” has sold-in more than 23 million units worldwide.

Launched to rave reviews, the game is set in 1899 and follows Arthur Morgan and his gang of outlaws as they fight their way across America following a botched robbery.

According to research firm NPD, “Red Dead Redemption 2” was the best-selling game of 2018.

Rival Electronic Arts cut its yearly revenue outlook on Tuesday after its newest “Battlefield” title sold about a million fewer units than expected, amid rising competition from games like “Red Dead Redemption”.

Take-Two’s net income rose to $179.9 million, or $1.57 per share, from $25.1 million, or 21 cents per share, a year earlier.

Take-Two also benefited from continued strength of its “GTA” franchise. “GTA V”, launched in 2013 by the company’s Rockstar Games studio, has been driving Take Two’s revenue since then. It has sold nearly 100 million units so far, making it one of the best-selling games ever. (Reporting by Arjun Panchadar in Bengaluru and Kenneth Li in New York; Editing by Maju Samuel)

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