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Take-Two reports 76 percent jump in Q3 revenue led by NBA 2K13 sales

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Take-Two announced strong results today for the third quarter of its 2013 fiscal year, reporting a 76 percent year-over-year increase in net revenue led primarily by 4.5 million units shipped of NBA 2K13.

For the quarter ending Dec. 31, 2012, Take-Two tallied net revenue of $415.8 million, a 76 percent jump over the $236.3 million of revenue for the same period in 2011. Net income for the quarter increased by 399 percent to $70.9 million from $14.2 million.

According to Take-Two, the three "strongest contributors" to revenue in the quarter were NBA 2K13, Borderlands 2 and catalog sales of games including Grand Theft Auto 4 and Red Dead Redemption. Borderlands 2 was released in September, at the tail end of Take-Two's previous fiscal quarter; Take-Two has now shipped nearly 6 million units of the game, which makes it the most successful 2K Games title ever. Meanwhile, NBA 2K13 has become "the most profitable release in the history of 2K Sports," said Take-Two chairman and CEO Strauss Zelnick during an investor call this afternoon.

"Take-Two's positive business momentum continued in the third quarter, enabling us to deliver growth and profits that exceeded our outlook," said Zelnick. "With consumer anticipation building for the launches of BioShock Infinite and Grand Theft Auto 5, we are well positioned for a solid finish to fiscal year 2013 and substantial revenue and earnings growth in fiscal year 2014."

On the back of its strong third quarter, Take-Two is increasing its earnings expectations for the full fiscal year, which will end March 31, 2013.