Take-Two profits drop to $14.2m

Take-Two has reported a 65 per cent drop in profit to $14.2m for its fiscal Q3 ending December 31st 2011.

The Rockstar and 2K parent generated $236.3m in sales during October, November and December. This represents a 25 per cent year-on-year dip compared to the $334.3m made in the same period one year prior.

For the nine months ending December 31st, Take-Two generated sales of $667.7m and reported a loss of $41.7m overall, down from sales of $954.6m and net income of $76.2m the year prior. All these figures are GAAP.

Take-Two says the figures are in line with its most recent financial outlook.

Its strongest unit sales came from NBA 2K12, older Grand Theft Auto games, Red Dead Redemption, Midnight Club Los Angeles, Borderlands and L.A. Noire.

"During the fiscal third quarter, we continued to execute strategically, creatively and operationally," said Take-Two chairman and CEO Strauss Zelnick. "We delivered results that were solidly within our expectations, driven by strong holiday demand for NBA 2K12, our popular catalogue titles and digital offerings.

"Take-Two’s future is extraordinarily promising. We have a proven strategy focused on building compelling interactive entertainment franchises, the strongest development pipeline in the company’s history and ample resources to pursue our many growth opportunities.”