Take-Two turns in expected full-year results, as GTA continues to shine

The launch of XCOM 2 and continued success of GTA helped the company do better than anticipated for its most recent quarter, and full-year results were in line with expectations.

Take Two Interactive, publisher of 2K Games and Rockstar games properties, has reported the financial results for its final quarter and full fiscal year for 2016, ended March 31, 2016. 

For the quarter, non-GAAP net revenues declined to $342.5 million, from $427.7 a year prior. The company's sales were weakened by comparisons to last year's launch of Evolve, but continued sales of its sports titles, Grand Theft Auto V, and the launch of XCOM 2 helped keep things from a bigger slide.

This actually beat analyst estimates of $306 million handily. 

Full-year results also showed a slight decline: net revenue was $1.561 billion, compared to $1.669 billion for the prior year. Net income reached $218.3 million. Earnings were right in line with analyst estimates of $1.52 billion for the year.

Spending on digitally-delivered content grew 12 percent year-on-year on a quarterly basis, led by Grand Theft Auto, NBA 2K, XCOM 2, and WWE 2K, according to the company. For the full year, digital revenues grew 36 percent year-over-year. 48 percent of the company's revenues are now digitally derived.

Given its better-than-expected performance, the company's stock has risen slightly in after-hours trading, up 1.3 percent since the close-of-market as of this writing. 

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