Take-Two reports $1.86B Q3 2014 revenue, raises full-year guidance

Take-Two Interactive recorded a strong third quarter of its 2014 fiscal year and ended 2013 as the year's top video game publisher according to the NPD Group, the publisher announced today.

The company's financial results outperformed expectations, with $1.86 billion of net revenue for the three-month period ending Dec. 31, 2013. That represented an increase of about 348 percent over the $415.8 million in revenue from the same quarter in 2012. On a non-GAAP (generally accepted accounting principles) basis, Take-Two pulled in $767.7 million of net revenue, beating its previously given guidance for the quarter of $650 million to $700 million. The revenue numbers provided for a GAAP operating income of $606.3 million and a GAAP net income of $578.43 million.

According to Take-Two, the three top contributors to the company's bottom line were the world-beating success of Grand Theft Auto 5, which ended up as the best-selling game of 2013, as well as NBA 2K14 and WWE 2K14. The better-than-expected results led Take-Two to raise its guidance for the full 2014 fiscal year, which ends March 31, 2014. Take-Two now expects non-GAAP net revenue for the full year to fall between $2.35 billion and $2.38 billion, instead of between $2.2 billion and $2.3 billion.