Boston, MA 11/01/2013 (wallstreetpr) – Take-Two Interactive Software, Inc. (NASDAQ:TTWO), is a global developer, marketer, and publisher of interactive entertainment products for its end users across the globe.
The company recently reported a strong set of earnings for the period ended 30th September 2013. Considering the strong performance, the company has also revised its guidance upwards for the financial year 2013. The company also did this at the end of March 2014. It had revised outlook for the next quarter, 3Q14 (December 2013).
The company results for the reported quarters excludes the revenues and cost pertaining to the Grand Theft Auto 5 game, which was launched during the last quarter. Net revenue for the 2Q14 stood at $148.8 million, down when compared to the corresponding period last year ($273.1 million). The company reported a loss of $124.1 million. The cash and cash equivalents at the end of September 2013 stood at $661.9 million.
The Non-GAAP net revenue for the period also takes into consideration the sell in values for GTA V. As a result of which, Non-GAAP revenue witnessed a substantial jump to $1.27 billion, up more than four times compared to the corresponding period of last year ($288 million in 2Q13). Due to higher contributions from the sell in values for GTA, the Non-GAAP profitability jumped to $325.6 million compared to $10.2 million reported in corresponding period of last year.
From the result, it is quite visible, that GTA was the clear driver for the substantial jump in the Non GAAP revenue. Non-GAAP revenue contribution from the content segment has also witnessed a jump of 85% to 105.5 million compared to the corresponding period of last year. Besides GTA, the company has various other offerings which also contributed to the revenue. We believe that with the new offering in the basket, GTA will help the company to drive their Non-GAAP revenue growth further and higher in the coming quarter and help the company to increase their profitability accordingly.
