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Grand Theft Auto publisher Take-Two Interactive generated $144.3 million in revenue in the first quarter of its fiscal 2014.
The company reported its Q1 earnings today. That $144.3 million in revenue beat its estimates of $124.8 million. Take-Two reported an earnings-per-share loss of 54 cents, which also beat its estimates of an EPS loss of 57 cents from May.
Due in part to the strong quarter, Take-Two revealed it is increasing its outlook for its full fiscal 2014 from $1.775 billion to $1.875 billion.
“Our better-than-expected first quarter results demonstrate that the market remains strong for the highest-quality interactive entertainment,” Take-Two chief executive Strauss Zelnick said in a statement. “We continue to benefit from robust demand for our recent genre-leading releases, iconic catalog titles, and growing portfolio of innovative digitally delivered offerings.”
During the quarter, Borderlands 2, NBA 2K13, Grand Theft Auto IV, and BioShock Infinite were the biggest contributors to Take-Two’s net revenue. Catalog sales of legacy games made up 60 percent of the total sales. Again, the Borderlands and GTA franchises led in that category along with Red Dead Redemption.
“With Grand Theft Auto V launching on Sept. 17, followed by the releases of NBA 2K14 and WWE 2K14, fiscal 2014 is poised to be one of our best years ever,” said Zelnick. “Looking ahead, we are well positioned to capitalize on the opportunities presented by the upcoming launches of the next-generation consoles. We have an extensive development pipeline, highlighted by proven franchises and groundbreaking new intellectual property. As a result, we expect to continue to deliver non-GAAP profits in fiscal 2015 and for the foreseeable future.”