Today Take-Two Interactive Software announced its financial results for the first quarter of the fiscal year 2021, related to the period between April 1 and June 30, 2020.
Below you can check out a summary of the company’s performance for the quarter, which the company defines as “strong,” mentioning that net revenue and net bookings broke records for a first quarter by recording a massive improvement year-on-year.
- GAAP net revenue grew 54% to $831.3 million, a fiscal first quarter record
- GAAP net income per diluted share increased 88% to $0.77
- GAAP net cash provided by operating activities for the three-months ended June 30, 2020 increased 310% to $445.4 million
- Adjusted Unrestricted Operating Cash Flow (Non-GAAP) for the three-months ended June 30, 2020 increased 595% to $324.0 million
- Net Bookings grew 136% to $996.2 million, a fiscal first quarter record
- Company raises outlook for fiscal year 2021
We also read a comment from Chief Executive Officer Strauss Zelnick, mentioning that the quarter was “terrific” with results that “significantly” exceeded expectations.
We also hear that the company raised its revenue expectations for the whole year.
“Fiscal 2021 is off to a terrific start with first quarter operating results that significantly exceeded our expectations, including fiscal first quarter records for GAAP net revenue and Net Bookings.
Our extraordinary results were driven primarily by the outperformance of NBA 2K20, Grand Theft Auto V and Grand Theft Auto Online, Red Dead Redemption 2 and Red Dead Online, and Social Point’s mobile games.
As a result of our better-than-expected first quarter operating results and increased forecast for the balance of the year, we are raising our fiscal 2021 outlook, which is poised to be another great year for Take-Two.
With the strongest development pipeline in the history of the Company and our ongoing investment in emerging markets, platforms and business models, Take-Two is exceedingly well positioned to capitalize on the many positive trends in our industry and to generate growth and margin expansion over the long-term.”
Below you can check out a few highlights from Take-two’s brands. Interestingly, we learn that Grand Theft Auto Online will have content developed exclusively for PS5, Xbox Series X, and PC.
Take-Two:
- As previously announced, during the months of April and May 2020, our labels came together to donate 5% of Net Bookings (after platform fees) from in-game purchases from Grand Theft Auto Online and Red Dead Online from Rockstar Games, NBA 2K20 and NBA 2K19 from 2K Games, Dragon City from Social Point, as well as from full-game digital sales of The Outer Worlds from Private Division, to support an array of COVID-19 charities and local businesses in need. As a result of this effort, we proudly raised over $15 million and provided support to more than 180 organizations throughout the world, including Covenant House, Doctors Without Borders/Médecins Sans Frontières (MSF), Feeding America, International Medical Corps, Robin Hood, and Save the Children to name a few. Our efforts supported food banks, shelters and first responders; provided healthcare workers and hospitals with protective equipment; funded research for a COVID-19 vaccine; provided relief funds for small businesses in the regions where we operate; and endowed numerous industry-related organizations to deliver essential in-home STEM education and game design programs for students.
Rockstar Games:
- Released new free content updates for Red Dead Online including:
- The Naturalist, a massive new update to Red Dead Online featuring a new Frontier Pursuit that will introduce players to the secrets of naturalism as part of an all-new Role, plus a new Outlaw Pass, tons of community-requested features and fixes, and much more to play and discover in the months to come.
- Six new maps and additional variations to Showdown Mode.
- Released new free content updates for Grand Theft Auto Online including, Gerald’s Last Play, featuring six new missions for solo and co-op play.
- Announced that they will bring Grand Theft Auto V to the new generation of consoles, including PlayStation 5, in the second half of calendar 2021. The next generation versions of the game will feature a range of technical improvements, visual upgrades, and performance enhancements to take full advantage of the latest hardware. For the Grand Theft Auto Online community, the journey will continue on next generation with more new updates, including additional content exclusive to the new consoles and PC. There will also be a new standalone version of Grand Theft Auto Online coming in the second half of calendar 2021, which will be available for free exclusively for PlayStation 5 players during the first three months. Additionally, all PlayStation Plus members on PlayStation 4 will each get 1 million GTA dollars deposited into their in-game Maze Bank account each month they play Grand Theft Auto Online until the launch of the game on PlayStation 5.
2K: