Take-Two beat the Street, posting significantly better-than-expected results and a $12 million profit for the quarter that ran from May through the end of July, and it's perfectly clear why: Red Dead Redemption has gone on to sell more than 6.9 million copies worldwide since its May 18 launch.
"At a time when the interactive entertainment industry has continued to feel the impact of an uncertain economy, the exceptional response to Red Dead Redemption shows the value of compelling content and its power to capture consumer interest," Take-Two Chairman Strauss Zelnick said in a statement. "These results clearly demonstrate the company's capacity to translate its world-class creative resources into meaningful financial performance and a solid competitive position in our industry."
The huge impact Red Dead Redemption had on the balance sheet is made even clearer when you consider the company reported $94.9 million in revenue in its 2009 fiscal third quarter and an operating loss of more than $58 million.
And it appears Take-Two's commitment to taking the time required to create compelling content isn't just talk. The company also announced that it has delayed one of its most promising new IPs, L.A. Noire, until sometime in the first half of 2011.
Sharkey says: Count me among those that can't wait to play L.A. Noire, particularly after experiencing Red Dead Redemption. Give Team Bondi all the time it needs to make a great game, and it will get the critical and commercial reaction it deserves.
