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Take-Two Reports Impressive Q1 Results

Take-Two announced Q1 results today, posting significantly higher profits than last year, largely on the strength of Grand Theft Auto 3: Vice City.
Take-Two had a net profit of $50.5 million ($1.20 per share), up 45 percent over last year. Revenue in the same period increased to $408.8 million from $282.9 million. For the current quarter, the company issued earnings guidance of 34 cents per share on revenue of $190 million. It raised its earnings forecast for the year to $2.22 per share, expecting its revenue to come in at $970 million. Results topped both Wall Street's expectations and the company's own guidance. In December Take-Two raised its first-quarter earnings estimate to $1.14 a share on sales of $355 million. Take-Two credited its performance in part to strong sales from Grand Theft Auto: Vice City. Looking ahead, the company said it remains "sharply focused" on proprietary brands and will continue to devote the majority of its publishing and development resources to the PS2.

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