Take-Two reported $142.7 million in net revenue during Q1 2014, down from $226.1 million in Q1 2013. It drew a net operating loss of $61.9 million this quarter, compared with $110.8 million from 2013 – the company contributed part of the loss to software development costs of a canceled 2K game that totaled $29.6 million.
Take-Two attributes its first quarter net revenue to sales within Borderlands 2, NBA 2K13, Grand Theft Auto 4
and BioShock Infinite
sold more than 4 million units
to date, CEO Strauss Zelnick said during Take-Two's financial call.
Zelnick said he expected Grand Theft Auto 5
and 2K sports games to bolster Take-Two's fiscal 2014 numbers later this year.
"With Grand Theft Auto 5
launching on September 17, followed by the releases of NBA 2K14
and WWE 2K14
, fiscal 2014 is poised to be one of our best years ever," he said. "Looking ahead, we are well-positioned to capitalize on the opportunities presented by the upcoming launches of the next-generation consoles."
Take-Two increased its outlook for fiscal year 2014 from $1.775 billion to $1.875 billion in non-GAAP net revenue.