Net revenue up 17% at Take-Two
US publishing giant Take-Two saw a 17 per cent increase in its net revenue for the three months ending June 30th.
The firm reported net revenue of $1.28 billion for the first quarter of its fiscal year, while net bookings rose 20 per cent to hit $1.2 billion. The biggest contributors were the likes of NBA 2K23, Grand Theft Auto Online and Red Dead Redemption, alongside Take-Two's mobile business.
"We had a strong start to the fiscal year and achieved net bookings of $1.2 billion, which was at the high end of our expectations. Our performance was led by our catalog of iconic, industry-leading intellectual properties, which continues to resonate with our player communities worldwide," Take-Two chair and CEO Strauss Zelnick told investors.
"Our core business trends remain healthy, and we are reiterating our prior guidance of $5.45 to $5.55 billion in net bookings for Fiscal 2024. Our teams are making excellent progress on our strategic focus areas, including the advancement of our eagerly-anticipated development pipeline and capitalising on our revenue-driven opportunities and synergies, all while maintaining a deep focus on efficiency."
"We remain confident that we are positioning our business for a significant inflection point in fiscal 2025, which we believe will include new record levels of operating performance. We would like to thank all of our stakeholders for their continued support, and we look forward to delivering on this exciting next chapter."
That "significant inflection point" set for the 2025 financial year is believed to be the release of Grand Theft Auto 6, though Take-Two has not announced anything specific.
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