Take Two Q2 sales hit $540m

Take Two has raised its FY2008 fiscal after a stunning second quarter that saw a $149m year-on-year rise in profits.

The firm reported net revenues of $539.8 million for the quarter ended April 30th, compared to $205.4 million a year before.

Quarterly net profit stood at $98.2 million, up $149.4 million from a net loss of $51.2 million for Q2 2007.

Unsurpringly, Take Two said the growth had been driven by GTA IV – which was only on sale for two days within the quarter.

The firm added that H1 revenues now stood at $780.3 million, up from $482.8 million a year before, whilst net income for the six months was $60.2 million – up from a loss of $72.8 million for the comparable quarter last year.

The New York-based publisher has now increased its fiscal year sales guidance to $1.5 billion from $1.4 billion. The firm’s FY ends October 31st.

It has also raised its third quarter sales guidance to $375 million from $325 million, and its Q4 guidance to $350 million from $300 million.

Take-Two chair Strauss Zelnick said in a statement, "Take-Two’s performance has exceeded expectations through the first half of fiscal 2008, clearly demonstrating the creative, operational and financial strength of our business."