‘Red Dead Redemption’ boosts Take-Two Q3

Take-Two Interactive Software proved on Thursday that it’s morethan a one-trick pony by earning a profit without having to rely onits workhorse franchise, “Grand Theft Auto.”

The fiscal third-quarter results blew past the expectations ofanalysts, as well as the company’s own guidance. The earnings newswas released after the close of market trading, but investorsrewarded Take-Two by bidding up shares 13% in after-hoursactivity.

On the strength of sales now approaching 7 million units for “RedDead Redemption,” Take-Two earned a $5.9 million profit in thequarter, reversing a $57 million loss a year ago.

Revenue more than tripled to $354 million.

The New York-based company also significantly upped its guidance,predicting a full-year profit on revenue up to $1.1 billion. Itpreviously had forecast full-year revenue of up to $950million.

Helping the video-game publisher exceed expectations on just aboutevery level during the quarter and for the rest of the year arealso older titles like “NBA 2K10″ and “Grand Theft Auto IV,” a gamethat’s more than 2 years old already.

Executives highlighted several upcoming games they are especiallyexcited about, including “Nickelodeon Fit,” coming out for the Wiion Nov. 2 and, coming next week, an iPad version, in HD, no less,of “Grand Theft Auto: Chinatown Wars.”

Take-Two shares rose $1.15 in after-hours trading to $10.01.

More Source:

Take-Two Interactive Reports Q3 2010 Earnings, Red Dead ...
Take-Two Q3s: Red Dead Redemption sells 8 million | VG247
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Submited at Friday, September 3rd, 2010 at 10:00 am on Technology by madison
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