Videogame publisher Take-Two Interactive Software Inc reported a 13 percent rise in revenue, helped by strong sales of its “Grand Theft Auto V” and “NBA 2K16” titles.
Take-Two, like its rivals, has also benefited from a shift by players downloading digital copies of its videogames – which generate higher margins – rather than buying physical game discs.
Take Two’s net revenue rose to $311.55 million in the first quarter ended June 30 from $257.30 million a year earlier.
Digital downloads accounted for about 55 percent of revenue in the quarter.
Net loss narrowed to $38.57 million, or 46 cents per share, from $67.02 million, or 81 cents per share.
Take-Two also forecast revenue of $375 million to $425 million for the current quarter and revenue of $1.75 billion to $1.85 billion for the year ending March 2017.
(Reporting by Sai Sachin R in Bengaluru; Editing by Savio D’Souza)