T2 Financials: BioShock 2 Ships Over 3 Million

Grand Theft Auto IV sells over 15 million worldwide.

Posted by Staff
T2 Financials: BioShock 2 Ships Over 3 Million
Take-Two has announced its financial results for the first quarter of this year, and all signs are pointing to a healthier outfit than what we saw last year. BioShock 2 was the darling of the financial report, with news that the Rapture sequel has already shipped over 3 million units since its launch on the 9th February.

Borderlands and NBA2k10 also helped the company grow this quarter, with Grand Theft Auto IV highlighted as a best-seller. Take-Two announced that the game has sold over 15 million copies worldwide.

Net revenue for the first quarter 2010 was $163.2 million, while net losses totalled $33.8 million - that compares to $149.4 million net revenue and $53.8 million net loss for the same period in 2009. So the company is getting more money and losing less - hooray for investors!

What confuses us slightly is that, along with the press release to announce these figures, Take-Two filed an SEC Form 8-K - which is something you only do if you want to announce significant changes in a company. Examples are mergers, acquisitions, name/address change or other important information for investors.

It could simply have been filed on the back of the announcement that Take-Two is to undergo "a targeted restructuring of its corporate departments in order to align resources more closely with its current goals." Apparently there will be a 15% reduction in "corporate headcount" along with other initiatives that will save the company $8 million in fiscal 2010.


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