James Delahunty
17 Dec 2010 1:08
Take-Two Interactive has reached one of its major goals in reporting a profit for a year that did not include the release of a new Grand Theft Auto title.
The published reported a 65 percent rise in revenue to $1.16 billion for the 12 months to October 31. It turned a profit of $49.7 million, in stark contrast to a sharp $130 million loss for the 12 months prior. "We have achieved our goal of profitability in a year without a new release of Grand Theft Auto," said outgoing CEO Ben Feder in a statement.
Two titles carried a lot of weight for Take-Two in the time frame; Red Dead Redemption and NBA 2K11. Red Dead Redemption is around the 8 million sales mark worldwide, while continuing to sell pretty strong. Helped by EA's cancellation of NBA Elite 11, the NBA 2K11 title managed to move 3 million copies.
"Our better-than-expected revenue growth and margin expansion were driven by strong demand for our diverse portfolio of games, including the hit new titles Red Dead Redemption and NBA 2K11, as well as strong sales of catalog titles and digitally delivered content. I am also pleased to report that our 2K Sports division was profitable during the period," said Feder.