PS3 News: Take-Two Quarterlies Surge, GTAIV Hits 8.5 Million Sold - PS3 News

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Take-Two Quarterlies Surge, GTAIV Hits 8.5 Million Sold

A game like Grand Theft Auto IV is the perfect cure-all for whatever ails a lagging company, as Take-Two has recently discovered.

According to GameSpot, Take-Two has issued their quarterly findings, and for the recent three-month period, Take-Two revenues skyrocketed by 162% in year-over-year comparisons, from $205.4 million in 2007 to $539.8 million this year. Net income went from $51.2 million to about $98.2 million, and all of these numbers vastly exceeded analyst expectations; an analyst survey only predicted total revenues of $322 million. Even more importantly, that good net profit came in spite of several major company expenses, including $12.4 million for "stock-based compensation" and $3.8 million in "professional fees and legal expenses, primarily related to Electronic Arts' unsolicited tender offer." By the way, EA's takeover bid was postponed yet again a couple days ago (the third time), and it's probably because EA's bid of $25.74/share is now below the actual Take-Two share price of $27.65.

The driving force behind all of this, of course, is GTAIV. As of May 31, the massive blockbuster has sold a ridiculous 8.5 million copies worldwide, with a total of 11 million units shipped to retailers. This is after the game broke all entertainment launch records, when Take-Two reported the game sold 6 million copies and generated over $500 million in its first week. All this being said, though, other Take-Two franchises aren't doing so hot. In fact, the publisher said: "we no longer anticipate reaching profitability in our 2K Sports business in fiscal 2008." That's unfortunate, but the Bioshock games ought to help a great deal...

Related Game(s): Grand Theft Auto IV

6/6/2008 Ben Dutka

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Comments (8 posts)

ThePoetRazel
Friday, June 06, 2008 @ 1:53:42 PM
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If they can keep up the great games then they'll be laughing in EA's faces.
Let's hear it for Take-Two.

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Dark5tatic
Friday, June 06, 2008 @ 2:28:02 PM
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agreed lets hope so, because if ea buys them out it would hurt their game quality, in my opinion

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Odd Child
Friday, June 06, 2008 @ 2:56:41 PM
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Ha EA wanted to cash in on Take twos' Revenue. Hard work pays off and EA thinks they can just buy there way into greatness.

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Qubex
Friday, June 06, 2008 @ 6:09:56 PM
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That is a given after playing the Nascar09 demo. What crap!

Q!

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bamf
Friday, June 06, 2008 @ 7:29:05 PM
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They should scrap 2Ksports and turn te studio into making other genres.

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Oodles
Friday, June 06, 2008 @ 8:22:28 PM
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Except for the fact they make some of the best sports games in the business. Not to mention they sell pretty well.

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Schmitty
Friday, June 06, 2008 @ 10:46:27 PM
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take 2 is a great example of a small company beating out the big dogs. As long as EA does not take over they will keep churning out great games.

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Bugzbunny109
Saturday, June 07, 2008 @ 10:08:44 PM
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F uck EA they wont get their hands on take two! hahahahaha

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