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Take-Two Interactive raised its outlook for the fiscal year ending March 31, 2022, following the release of the gaming giant’s latest earnings report on Monday.
The company, which owns major publishers including Rockstar Games and 2K, generated $903.3 million in revenue in fiscal Q3, a 5% increase compared to the same period last year.
Take-Two’s results were driven by digitally delivered revenue, which reached $795.7 million during the quarter, up from $743.1 million in revenue in fiscal Q3 2021. The increase is attributed to gaming franchises “NBA 2K,” “Red Dead Redemption,” and “Grand Theft Auto.”
- Company reported net bookings reached $866 million in fiscal Q3 2022, a 6% increase year-over-year.
- Full-year revenue is projected to range from $3.41 billion to $3.46 billion, up from a previous target between $3.35 billion and $3.45 billion.
In January, Take-Two announced it will buy mobile game maker Zynga in a deal valuing the company at an implied enterprise value of $12.7 billion. The acquisition will be funded with $2.7 billion in financing from JPMorgan Chase, Take-Two’s balance sheet, and a debt issuance.
Bread and Butter
Last week, Take-Two’s Rockstar announced that its latest title in the “Grand Theft Auto” franchise is in development. “Grand Theft Auto V,” which has sold 155 million copies, is the most profitable entertainment property in history, according to Bloomberg. The title has maintained profitability partly due to “Grand Theft Auto Online,” its multiplayer component.
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