Take-Two Reports Revenue Growth and Sales Drop

Take-Two Interactive released its financial results for the fourth quarter and the full fiscal year 2022. The company noted that many figures were above its expectations. It also updated its approximate release schedule for the coming years.

The report reads that net revenue for the year increased by 4% reaching $3.5 billion. The company also shared that recurrent consumer spending grew by 6% and accounted for 65% of its total net revenue. Revenues delivered by digital sales also increased and amounted to $3.15 billion (up 6% compared to the previous year) which accounts for 90% of total net revenue.

Take-Two noted that its revenues for the year were mainly driven by sales of NBA 2K22, NBA 2K21, Grand Theft Auto Online, Grand Theft Auto V, Red Dead Redemption 2, Red Dead Online, Grand Theft Auto: The Trilogy – The Definitive Edition, Borderlands 3, Two Dots, and Tiny Tina's Wonderlands.

However, the company's net income saw a decrease of 29% and was $418.0 million, or $3.58 per diluted share compared to $588.9 million, or $5.09 per diluted share in the previous year.

A similar dynamic is observed in the fourth quarter: Take-Two's revenue increased by 11% compared to the same period the year earlier reaching $930 million, while net income fell by 49% and amounted to approximately $111 million.

Take-Two Interactive also provided an updated release schedule for its products. Until the end of March 2023, it plans to release six major titles, including annual sports titles in the NBA 2K, WWE 2K, and PGA TOUR series. In addition to them, during this period the company will release The Quarry (June 10, 2022), Marvel's Midnight Suns (second half of 2022), and Kerbal Space Program 2 (early 2023). Besides, in the current fiscal year, the company intends to release a new Tales from the Borderlands title and a mobile port of GTA: The Trilogy – The Definitive Edition.

You can find the full report here. Also, don't forget to join our new Reddit page, our new Telegram channel, follow us on Instagram and Twitter, where we are sharing breakdowns, the latest news, awesome artworks, and more.