Take-Two Interactive has closed out what its leadership is calling an incredibly strong holiday season and strong third quarter for its 2021 financial year.
For the quarter ending December 31, 2020, Take-Two Interactive reported $860.9 million in net revenue (according to the GAAP accounting standard), down from $930.1 million the year before but still within Take-Two's projections.
Of that, $728.5 million came directly from digital sources while around 62 percent of total at net revenue came from recurrent consumer spending.
In both cases, Take-Two calls out games like NBA 2K21 and 2K20, Grand Theft Auto V and Online, Red Dead Redemption 2 and Online, the recent Mafia releases, Borderlands 3, mobile games from Social Point, and several others as the games responsible for driving revenue.
While net revenue declined year over year, net income is up by around $19 million year-over-year. For Q3 2021, Take-Two reported $182.3 million in net income up from $163.7 the year before.
"Take-Two is exceedingly well-positioned to capitalize further on the positive trends of our industry and to pursue our core mission to become the most innovative, creative, and efficient entertainment company in the world," comments Take-Two CEO Strauss Zelnick.
"By scaling our business further through a highly disciplined approach to both organic and inorganic growth opportunities, having the willingness to explore and experiment with new markets and business models, and investing prudently to enhance our global infrastructure and resources, Take-Two remains poised to generate growth and margin expansion over the long-term.”
Looking forward, the company expects its fiscal year to close with somewhere in the range of $3.235 to $3.285 billion in net revenue, and net income in the range of $472 to $484 million.