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Take-Two FYQ3 profits hit $578 million

Publisher profits soar following GTA V release

Phenomenal sales of Grand Theft Auto V helped push Take-Two profits over $578 million for the quarter ending December 31, 2013, the firm announced Monday.

This compared with net income of around $70.9 million clocked during the same period the previous year.

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GTAV has now shipped 32.5 million units worldwide

Net revenue was up significantly to around $1.86 billion, from $415.8 million the prior year.

The firm announced in its FYQ3 release that GTA V shipments have hit 32.5 million. Meanwhile NBA 2K14 has become "the fastest-selling release in the history" of the franchise, with shipments of over 5 million helping to push total franchise sales above 35 million units to date.

Take-Two also announced considerable "cash and cash equivalents" of $972.2 million.

"Take-Two's business continued to outperform expectations significantly during the fiscal third quarter," commented Take-Two chairman Strauss Zelnick.

"Our results were driven by robust holiday demand for Grand Theft Auto V, the franchise record-breaking launch of NBA 2K14, the successful release of WWE 2K14, and strong growth in digitally-delivered revenues led by Grand Theft Auto Online. Take-Two was the top video game publisher of 2013, according to the NPD Group, underscoring our positive momentum over the past year.

"As a result of our third quarter performance, we have once again raised our revenue and earnings outlook for fiscal 2014, which is poised to be a record year for Take-Two."

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