Take-Two Does Better Than Expected For Q3
Created 09/04/2008 - 23:00
Take-Two Interactive Software reported a stellar third fiscal quarter Thursday, more than double their net revenue from the same period last year.
Net revenue for the third fiscal quarter (ended July 31) was $433.8 million, compared to $206.4 million for the same quarter of fiscal 2007. Third quarter sales were led by the blockbuster GRAND THEFT AUTO IV, as well as TOP SPIN 3 and SID MEIER’S CIVILIZATION REVOLUTION.
Take-Two has managed to rebuff hostile takeover offers from Electronic Arts, based on this strong performance, but the two companies are reportedly meeting in private to discuss Take-Two's three-year plan, per REUTERS.
Sales of Rockstar Games' blockbuster GRAND THEFT AUTO IV continued to exceed the company’s expectations. More than 10 million units have been sold through to consumers as of August 16, 2008.
EA had offered to buy Take-Two for $2 billion, or $25.74 per share, but let the offer lapse in August. Last month, the two videogame makers signed a confidentiality agreement to hold talks in private about a potential transaction.
The Federal Trade Commission agreed to approve a merger last month as well.
Take-Two's net income for the third quarter was $51.8 million, or 67 cents per share, compared with a loss of $58.5 million, or 81 cents per share, a year ago.
Shares on Take-Two rose about 50 cents on Thursday to $23.23.