Take-Two Reports Record Quarterly Bookings of $1.2B, Up 20%
Take-Two Interactive, one of the world’s largest video game publishers, announced record quarterly bookings for its fiscal third quarter on Thursday. The company reported $1.2 billion in bookings, a 20% year-over-year increase. Net revenue also increased, up 16% from the prior year.
The strong performance was led by Take-Two’s digitally-delivered content, including recurrent consumer spending such as Grand Theft Auto Online. Digital accounted for approximately 75% of total net revenue in the quarter. Relatively strong performances from Grand Theft Auto V, NBA 2K20, Borderlands 3, and Red Dead Redemption 2 also contributed to the company’s solid quarter.
Take-Two CEO Strauss Zelnick credited the company’s strong performance to ”broad-based growth across platforms and geographies, led by our core franchises and driven by our ongoing investments to deliver the highest quality experiences.”
Zelnick also said that Take-Two was able to leverage its ”ability to maximize the potential of our new releases and expand robust engagement of our recurrent consumer spending offerings.”
The company’s strong financial performance in the quarter surpassed analyst expectations, with shares of the company increasing by 2.8% in after-market trading.
Going forward, Take-Two is optimistic as they look ahead to their fiscal year 2021. On the company’s Q3 earnings call, Zelnick stated that they expect to “deliver revenue and net bookings growth in fiscal 2021, while also continuing to deliver non-GAAP earnings per share growth.”