Take-Two nets $365m during fiscal Q2

Matthew Jarvis
Take-Two nets $365m during fiscal Q2

Take-Two has beaten its quarterly revenue expectations by almost $50m, as revealed during its latest financials.

The 2K and Rockstar parent was previously predicted to generate $318.3 million in revenue during its fiscal Q2, but well surpassed that sum to bring in $364.9 million – a 169 per cent annual increase.

The success led to a much better than expected share price: 15 cents per share as opposed to the three cents estimated.

Take-Two delayed strategy sequel XCOM 2 to 2016 earlier this year, making wrestling release WWE 2K16 its main release this Christmas – although, obviously, the runaway success of Grand Theft Auto V and Grand Theft Auto Online continue to be two of the company's driving factors.

Following this quarter's results, Take-Two updated its predictions for its 2016 fiscal year. Compared to the 75 cents to $1 share price formerly expected, now the company believes it will make something closer to $1 to $1.15 per share.

Take-Two once again delivered better-than-expected [revenue]and earnings growth,” said the obligatory release statement from CEO Strauss Zelnick.

Our second quarter results were anchored by the series record-breaking launch of NBA 2K16, along with on-going demand forGrand Theft Auto V and strong growth in recurrent consumer spending.”

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