Take-Two Interactive shatters Wall St. estimates, GTA V hits 29 million copies sold

Take-Two Interactive (NASDAQ: TTWO) is the publisher behind various big name video game franchises, such as Bioshock, NBA 2K, and others. But their most lucrative series is without a doubt Grand Theft Auto, and their earnings release today clearly demonstrates that.

Take-Two Interactive shattered Wall Street's consensus estimate of $1.48 EPS for Q2 and instead reported earnings of $2.49 per share around 4pm EST today. Also of note is that Grand Theft Auto V has also sold around 29 MILLION copies, after being out for only six weeks.

Despite some concerns from investors over the past year about demand going soft, it seems that the video game industry is still rip roaring and making profits like never before. Electronic Arts (NASDAQ: EA) also reported earnings today, beating Wall Street estimates and rising in after-hours trading. With the launch of the new Xbox One and PlayStation 4 consoles coming later this year, in addition to brisk sales of current-generation games, it seems that competition from mobile gaming and the more "casual" social gaming scene has done nothing to impede the success of the traditional video game industry.