“Grand Theft Auto V” continues to generate revenue for Take-Two Interactive nearly three years since its initial release. The company revealed Wednesday revenue of $377.2 million, up year over year from $300.1 million, for its fourth quarter that ended March 31. Net income grew to $46.4 million compared with a loss of $242.8 million in the fourth quarter of fiscal year 2015. In addition to the better-than-expected earnings report, Take-Two hinted at an announcement from Rockstar Games in the near future regarding upcoming projects.
“Our results were driven by the continued extraordinary performance of ‘Grand Theft Auto V,’ ongoing momentum in our ‘NBA 2K’ and ‘WWE 2K’ series, the successful launch of ‘XCOM 2,’ and our highest-ever revenue from recurrent consumer spending,” Strauss Zelnick, chairman and CEO of Take-Two, said in a statement. Recurrent consumer spending is what Take-Two calls revenue from microtransactions such as virtual currency and downloadable add-on content. It was up 15 percent year over year. Adjusted revenue was down 20 percent year over year to $342.5 million. The adjusted net income of $51.7 was also down from the previous year.
For the year, Take-Two reported sales of $1.41 billion, compared with $1.08 billion for fiscal year 2015. Net income was a loss of $8.3 million for 2016, compared with a loss of $279.47 million in 2015. The net loss was due to $71.3 million in business reorganization charges, according to the company. The $697.7 million in digital was a record for Take-Two.
Take-Two, which released “WWE 2K15,” “WWE 2K16,” “NBA 2K16” and PC exclusive “XCOM 2” in its fiscal year 2016, did not have a major-title launch, but that was mitigated by the continued strong sales of “GTA V” and revenue generated from “Grand Theft Auto Online.” To date, “Grand Theft Auto V” has sold 65 million copies, Zelnick revealed in a conference call.
In the upcoming year, Take-Two will launch “Sid Meier’s Civilization VI,” “NBA 2K17” and “WWE 2K17.” “Battleborn,” the latest game from “Borderlands” developer Gearbox Software, was released May 3. Take-Two will continue to support “Grand Theft Auto” with new content.
With any Rockstar Games release a highly anticipated event, Take-Two only teased at the studio’s future. “Rockstar Games is of course hard at work on some exciting future projects that will be revealed soon,” said Zelnick. Expect plenty of speculation about a potential announcement during the annual Electronic Entertainment Expo in June.