Take-Two reports record financial results as GTA V hits 33m shipments

Publisher Take-Two has reported massive financial results after Grand Theft Auto V sells in 33 million units in just nine months.

For the financial year, Take-Two’s revenue grew 97 per cent to $2.414 billion (non-GAAP) or in terms of GAAP, it grew 94 per cent to $2.351 billion, the highest in the company’s history.

GTA V and GTA Online played a major role in this, although the business was eager to highlight successful launches of WWE 2K14, NBA 2K14 and continued sales of BioShock Infinite and Borderlands 2.

In fact, NBA 2K14 has been a major success in North America, and has become the best-selling basketball game in the US for 13 years. Take-Two says it has sold into retail 6.5m units of the game, and it has outsold FIFA and Madden in the country on PS4 and Xbox One.

In terms of income, the publisher generated $510.7 million (non GAAP)/ $361.7 million (GAAP).

One area of apparent weakness for Take-Two has been its digital revenues versus its physical performance. However, the company posted 65 per cent growth in digital revenue to $435.1m. GTA Online was a major contributing element to these numbers, but downloadable content for Civilization V, BioShock Infinite, Borderlands 2 and NBA 2K also played a major part, the firm says.

Physical still accounted for the vast majority of the firm’s business, yet when you have a boxed product as successful as GTA V, that is to be expected.

Despite the impressive annual figures, the firm’s financial Q4 results were down year-on-year. GAAP net revenue was $195.2 million, as compared to $299.5 million the year before. 2013’s Q4 benefitted strongly from the launch of BioShock Infinite, there was no comparable title launched this quarter from either 2K Games or Rockstar.

It caps a big year for Take-Two, but now the work really begins for the company as it looks to build on its promise to have continued profitable years for the foreseeable future without a new Grand Theft Auto title to launch. Already this financial year 2K plans to launch Evolve, new games in the NBA and WWE series, plus a new Civilisation title. At least one unannounced title is also set for the next 12 months and may be revealed at the Electronics Entertainment Expo next month.

Take-Two currently has almost $1bn in cash.

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