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Take-Two Reports Net Revenue of $1.1 billion & Marvel's Midnight Suns Delay

The company is planning to create more mobile spin-offs.

Take-Two released a financial report for the first quarter of the fiscal year, which ended on June 30. The company recorded a net revenue increase of 36% to $1.1 billion compared to the same period last year.

Recurrent consumer spending increased 44% and accounted for 75% of total net revenue. The largest contributors to net revenue were NBA 2K22; Grand Theft Auto Online and Grand Theft Auto V; Red Dead Redemption 2 and Red Dead Online; Empires & Puzzles; Tiny Tina's Wonderlands; WWE 2K22; Rollic's hyper-casual portfolio; Toon Blast; The Quarry; and Top Eleven. The company's net loss was $104.0 million.

This was the first quarter after Take-Two acquired Zynga. Take-Two expects to deliver net bookings of $5.8 billion to $5.9 billion in combination with Zynga in fiscal fear 2023.

"We remain exceedingly optimistic about the long-term growth potential for the mobile industry, as well as our ability to create greater shareholder value as a combined entity with Zynga," said Strauss Zelnick, Chairman and CEO of Take-Two. "Our creative teams are actively discussing potential new projects and we remain committed to delivering over $500 million of annual Net Bookings opportunities over time."

In a call with IGN, Zelnick said the company is planning to create more mobile spin-offs of its existing IPs.

What it isn't going to finish in 2022 is the tactical RPG Marvel's Midnight Suns, which was planned to be released by 2K Games in the second part of this year but now should be out by the end of the fiscal year (March 31, 2023) on PS5, Xbox Series X|S, and PC. The versions for PS4, Xbox One, and Switch are to be announced.

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