Take-Two Interactive has recently revealed their Fiscal Year 2020 First Quarter earnings report which ended on June 30. Thanks to a very strong first quarter, the company has upped their projections for their full Fiscal Year 2020. The success from the first quarter comes from games such as Grand Theft Auto Online, Red Dead Redemption II, and NBA 2k19. For the full fiscal year, the company now projects between $2.83 to $2.93 billion USD in net revenue and between $425 to $454 million USD in net income.
For the quarter, the company saw net bookings grow to over $422 million USD which is up an astounding 46% when compared to the first quarter of last year. The company’s net revenue, on the other hand, grew to over $540 million USD which is a 39% increase from $388 million from the first quarter last year. The majority of the increase in net bookings came from recurrent consumer spending which saw an increase of 55% compared to last year.
The company’s CEO Strauss Zelnick is looking forward to the company’s success for the rest of the fiscal year by stating:
Looking ahead, Take-Two has the strongest development pipeline in its history, including sequels from our biggest franchises as well as exciting new IP. We are exceedingly well positioned to capitalize on the positive trends in our industry, and to generate significant growth and margin expansion over the long-term.
The rest of the fiscal year will see the company release titles such as NBA 2k20, Borderlands 3, The Outer Worlds, Ancestors: The Humankind Odyssey, and WWE 2k20. For the games that helped the company succeed this quarter also broke milestones. Red Dead Redemption II has now hit 25 million units sold and NBA 2k19 is on the verge of 12 million units sold. Grand Theft Auto Online has also seen the release of the Diamond Casino update which has been a massive success even with some countries banning the ability for player to spend real money and gamble in the new social space.