Take-Two's Q4 brings higher sales, deeper losses
Sign up for the GI Daily here to get the biggest news straight to your inbox
Take-Two Interactive today reported its financial results for the fourth quarter and full year ended March 31, with the company continuing to show significant top-line growth driven by the Zynga acquisition, but continued losses.
The biggest drivers for the fourth quarter were a string of familiar faces led by NBA 2K23, Grand Theft Auto Online/Grand Theft Auto 5, with help from hypercasual games, Empires & Puzzles, Toon Blast, Red Dead Redemption 2/Red Dead Online; WWE 2K23, Merge Dragons, and Words With Friends.
As for sales updates, Grand Theft Auto 5 has now shipped 180 million units worldwide, while Red Dead Redemption 2 is up to 53 million units.
NBA 2K23 has also hit 11 million units to date, a new record for the franchise at this point in the game's lifespan, boasting its highest-ever virtual currency sales as well.
While those games' performances helped push the company's Q4 net bookings above its forecast range of $1.31 billion to $1.36 billion, they could not keep Take-Two from similarly posting larger-than-expected losses.
Take-Two had forecast Q4 net losses of up to $214 million, but blew will past that with a reported net loss of $610 million.
The company attributed the deeper than expected losses to impairment charges of $465.3 million for acquisition-related intangible assets and $54.2 million in capitalized software development costs for unreleased and cancelled titles.
While the company forecast net losses for the current fiscal year as well, it gave investors something to look forward to, saying net bookings in fiscal 2025 would spike to $8 billion, with additional growth coming in fiscal 2026.
In a pre-briefing call
Read more on gamesindustry.biz
