Take-Two report: Revenue above expectations, losses almost doubled
Take-Two Interactive has released a report for the first quarter of fiscal 2024, which ended on June 30. Its revenue was higher than the company had predicted.
▪️Take-Two’s net revenue increased by 17%, reaching $1.28 billion: the company planned to earn $1.21-1.26 billion. Net receipts (net bookings) increased by 20% to $1.28 billion.
More than half of the revenue came from mobile games — $680 million. Console games brought in $504.3 million. PC games — $100.4 million
▪️The company reported net losses of $206 million. Compared to the first quarter of fiscal 2023, they jumped by 98% at once.
▪️Take-Two is still confident that the fiscal year 2025 (April 2024 – March 2025) will be particularly successful. In particular, the company expects record revenues of $8 billion. For comparison: by the end of this year, it plans to receive $5.45-$5.55 billion in revenue. Although Take-Two itself does not talk about it, analysts and the media suggest that next year it will release GTA VI.
Against the background of the report, Take-Two shares rose 5% to $147 apiece.
