Take-Two Makes Money Without New Grand Theft Auto

| 17 Dec 2010 08:45

Cowboys, Mafiosi, and empire-building credited for publisher's "milestone" profits.

Take-Two Interactive was able to achieve one of its goals this year, by reporting a profit in a year that didn't include the release of a new Grand Theft Auto game.

Take-Two ended its financial year on October 31st, and generated $1.15 billion in revenue - an increase of 65% - of which $42.5 million was profit. The previous year, Take Two endured a loss of $140 million. The strong performances of games like Civilization 5, Mafia 2 and, of course, Red Dead Redemption were credited as the source of Take-Two's financial success. Take-Two also noted that digital sales had been a "meaningful component" of its sales over the last twelve months.

CEO Ben Feder - who leaves the role in January - said that the revenue growth andmargin expansion for the year had been better than expected, and CEO-Designate Strauss Zelnick said that Take-Two was now in a much better position, both financially and creatively, and would continue to build an increasingly diverse catalogue of games to facilitate further growth.

It will be interesting to see where Take-Two goes from here, having hit one of its major milestones, and someone new at the helm. With hard-boiled thriller LA Noire and the singular Duke Nukem Forever already lined up for next year, I wouldn't be surprised if Take-Two is able to give a repeat performance in 2011.

Source: MCV

Disclosure(s): Strauss Zelnick, Chief Executive Officer and Chairman of the Board of Directors of Take-Two Interactive Software, Inc., is the head of ZelnickMedia, an investor in both Take-Two and Defy Media, LLC, our parent company. This article was published without approval or consent of ZelnickMedia or Take-Two.
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