Today Take-Two Interactive Software announced its financial results for the second quarter of the fiscal year 2023, related to the period between July and September 2022.
First of all, while net revenue increased 62% year-on-year, the company recorded a net loss ($257 million). Yet, it defines the results “strong.”
It also revised its prediction to for the full fiscal year downward, citing “lowered expectations for the mobile business and shifts in the release slate.”
The largest contributors to revenue for the quarter were “NBA 2K23 and NBA 2K22, Grand Theft Auto Online and Grand Theft Auto V, Rollic’s hyper-casual portfolio, Empires & Puzzles, Toon Blast, Words With Friends, Merge Dragons! Red Dead Redemption 2 and Red Dead Online, and Toy Blast.”
We hear from CEO Strauss Zelnick, who also explained talked about the reduction in the annual forecast.
“We posted another consecutive quarter of solid results, with Net Bookings of $1.5 billion, underscoring our ability to launch exciting new games and content updates across our portfolio-.We continue to make excellent progress with our integration of Zynga, and we remain highly optimistic about the vast, long-term growth potential for the mobile industry, which is expected to reach over $160 billion in gross bookings within the next four years.
We now expect to deliver Net Bookings of $5.4 to $5.5 billion in Fiscal 2023. Our reduced forecast reflects shifts in our pipeline, fluctuations in FX rates, and a more cautious view of the current macroeconomic backdrop, particularly in mobile.
“Despite these headwinds and their effect on our guidance for the year, we remain highly confident in our diverse and extensive development pipeline that we expect will deliver us sequential years of growth and record performance. Take-Two has a proven strategy and consistent track record of success, driven by our core tenets: we aspire to be the most creative, the most innovative, and the most efficient entertainment company in the world. As we strive to capitalize on the numerous opportunities ahead of us, we are committed to creating significant long-term value for our shareholders.”
More news comes on the front of lifetime sales, starting with the unstoppable Grand Theft Auto V, which sold-in to retailers over 170 million units.
Red Dead Redemption 2 shipped over 46 million units, while NBA 2K23 has sold-in to retailers nearly 5 million units.
You can find the relevant charts below.
If you’d like to compare with historical data, you can check out the results for the previous quarter, which were published in August.