Take-Two Interactive has recently released their second quarter financial report. The company finished out the quarter extremely strong with a 74% increase in revenue when compared to the same time last year. The company achieved this impressive feat thanks to strong performances during the quarter from the likes of Grand Theft Auto V, Borderlands 3, and NBA 2k20.
The 74% increase in revenue saw Take-Two rake in a whopping $857.9 million which is up from $492.7 million during last year’s second quarter. Recurrent consumer spending, spending on microtransactions and additional content, lead the strong increase in revenue accounting for 37% of the overall growth in revenue. Revenue from digital sources also saw massive growth with a 72% increase when compared to last year.
The company has also revealed new sales milestones for their biggest games. Borderlands 3, which had the biggest launch in the company’s subsidiary 2k Games’ history, has sold 7 million units since its launch in September. Meanwhile, the massively popular Grand Theft Auto V has now sold an astounding 115 million units since its release 7 years ago. Rockstar’s other massively popular game, Red Dead Redemption II has surpassed 26 million units sold. While the company didn’t reveal sales numbers for NBA 2k20, the game is performing extremely well as it became the best selling game in the United States when it released in September.
Looking ahead, the company’s third quarter is already off to a good start with the releases of The Outer Worlds and the PC version of Red Dead Redemption II over the course of the past few weeks. The company has also raised their overall projections for the entire fiscal year thanks to the strong Q2 performance. The company is now projecting revenue for the entire fiscal year to range from $2.93 to $3.03 billion up from $2.83 to $2.93 billion.
Take-Two CEO Strauss Zelnick stated, “Looking ahead, Take-Two has the strongest development pipeline in its history, including sequels from our biggest franchises as well as exciting new IP.” He would continue with, “We are actively investing in emerging markets, platforms and business models, and are exceedingly well positioned to capitalize on the positive trends in our industry and to generate growth and margin expansion over the long-term.”