Take-Two Posts Losses But GTAV Is Making "Substantial Progress"
Take-Two Interactive has Grand Theft Auto V in the hopper, and that's a good thing.
It should help to stem the tide of recent losses. Take-Two's latest quarterly results weren't good; the company suffered a $110.8 million loss, due in some part to lower-than-anticipated sales of Max Payne 3 and Spec Ops: The Line. There was also a mysterious "one-time payment" of $15 million.
Take-Two's net revenue registered at $226.1 million for the quarter, down from $334.4 million during the same period last year, but catalog sales leaped 50%, as they accounted for 26% of overall revenue. Digital sales grew 33% as well, so there are definitely some bright spots for the publisher. Max Payne 3 did manage to ship 3 million copies but obviously, the company expected more in the way of actual sales. As for GTAV, well...all they'll say is that development is in full swing and it's making "substantial progress."
Guess that's better than nothing.
7/31/2012 8:18:36 PM John Shepard