Take-Two Interactive’s financials weren’t that good for Q1 2013. The company blamed the poor sales of Max Payne 3 and Spec Ops: The Line for their shoddy performance for the quarter, however they are still targeting significant revenues for this fiscal year.
Pachter analysed: “We can not construct a scenario in which Take-Two can generate profits necessary to meet its forecast for fiscal year 2013 without an imminent release of Grand Theft Auto V.”
He also went on to say that the game needs to ship 18 million units. “We hope the title will sell at least 18 million units, representing about 20% in the PS3 and Xbox 360 in the U.S. and Europe.” The install base for the PS3 and Xbox 360 in the US and EU is approx. 100 million units (55 million in the US and 45 million in the EU).
Here’s what Take-Two had to say about the game’s development. “We just haven’t talked about a release date. So I can’t discuss about the existence of a release date we haven’t announced,” Zelnick said when asked by investors.
The company’s net revenue was $226.1 million, down by at least $100 million in revenue compared to last quarter. They had recorded a $8.6 million loss last quarter which was increased to $110.8 this quarter.