As we cross the latest fiscal quarter in the year, major companies in technology and the gaming industry are sharing their recent quarterly earnings reports. Take-Two Interactive, with groups like 2K and Rockstar under its wing, is definitely one of the most prolific forces in the industry with the likes of Grand Theft Auto, Red Dead Redemption, 2K Sports, and Borderlands in its roster to name a few. Take-Two has been running strong on Grand Theft Auto Online for quite some time, but this recent quarter had lots of heavy hitters driving T2 to an unexpectedly strong finish to the holidays.
Take-Two Interactive posted its Q3 2021 earnings report via its investor relations website on February 8, 2021. The company’s net revenue was $860.9 million in comparison to its $930.1 million reported in Take-Two’s Q3 2020 results. However, this was still majorly above expectations. The major reason for this was a 57% increase in recurrent customer spending, which made for 62% of the quarter’s revenue and included ongoing service purchase, in-game currencies, add-on content, and in-game purchasing. As should be expected, GTA Online and the NBA 2K games were huge contributors to that overall number.
With huge add-on content like the Cayo Perico Heist in Grand Theft Auto, Naturalist Frontier Pursuit in Red Dead Online, MyTEAM in NBA 2K, and plenty more, as well as contributors like their WWE games, Borderlands 3, Civilization 6, and more indie efforts through the likes of Private Division, Take-Two Shows no signs of slowing down. As a result, Take-Two management has increased its forecast for the company’s overall net bookings by fiscal year-end.
“As a result of our better-than-expected third quarter operating results and increased forecast for the remainder of the year, we are once again raising our fiscal year 2021 outlook, and we expect to achieve record Net Bookings of $3.37 billion to $3.42 billion,” the report reads.
Even on GTA Online and NBA 2K alone, this seems feasible for Take-Two given the ongoing and extreme success of various in-game purchase components of these two games. It will remain to be seen once Take-Two’s Q4 report arrives, but the company looks to be in as strong a position as ever. Be sure to check out our full schedule of quarterly earnings reports and resources and stay tuned for further financial results as they become available.