Publisher's net revenue dips 40 percent to $236.3 million during third quarter; open-world Western and hardwood sim reach new sales milestones.
Take-Two didn't have a happy holiday. Today, the publisher announced net revenue for the three months ended December 31 came in at $236.3 million, down 40 percent from last year's holiday haul of $334.3 million.
Take-Two attributed the downturn to a lack of big-name games like Red Dead Redemption: Undead Nightmare and Grand Theft Auto IV: Complete, which were selling well this time last year. Additionally, Take-Two said the NBA lockout negatively affected sales during the period.
Net income for the period stood at $29 million, down sharply from the $49.5 million posted during the same period a year prior.
According to Take-Two, the biggest contributors to the company's net revenue during the period were NBA 2K12 and L.A. Noire, as well as catalog sales of the Grand Theft Auto, Red Dead Redemption, Midnight Club Los Angeles, and Borderlands.
Specifically, Take-Two said Red Dead Redemption life-to-date sales have climbed to 13 million units, NBA 2K12 sales have reached 4 million units, and L.A. Noire unit sales are closing in on 5 million units.
Take-Two said digitally delivered content made up 11 percent of total net revenue for the period, led by Grand Theft Auto III for iOS and Android devices. Sales of add-on content from the Grand Theft Auto, L.A. Noire, and Red Dead Redemption franchises also were big digital contributors for Take-Two's bottom line.
On a nine-month basis, Take-Two's revenues were also down. For the nine-month period ended December 31, the company reported net revenue of $677.7 million, down from the $954.6 million from a year ago prior. Take-Two also posted a net loss of $8.4 million for the period, compared to gain of $108.8 million for the year prior.
Take-Two also updated its fourth-quarter and full fiscal year outlooks. The company said it now expects net income for the quarter ending March 31, 2012 to come in at $112 million to $162 million, down from $225 million to $275 million. And for the full fiscal year, Take-Two said it now expects to haul between $790 and $840 million, down from the $1 billion to $1.1 billion previously forecasted. This downturn was attributed to the delay of Max Payne 3.
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