Press release
Take-Two Interactive Software, Inc. Reports Results for Fiscal First Quarter 2024
$1.20 billion Net Bookings, with outperformance of Grand Theft Auto Online and Grand Theft Auto V, and NBA 2K23 Company updates GAAP outlook for fiscal 2024
About this update from Take-two Interactive Software, Inc.
[{"type":"text","content":"\n$1.20 billion Net Bookings, with outperformance of Grand Theft Auto Online and Grand Theft Auto V, and NBA 2K23\n\n\nCompany updates GAAP outlook for fiscal 2024\n\n\nCompany reiterates Net Bookings outlook for fiscal 2024 of $5.45 to $5.55 billion\n\n\n NEW YORK--(BUSINESS WIRE)--\nTake-Two Interactive Software, Inc. (NASDAQ:TTWO) today reported results for the first quarter of its fiscal year 2024, ended June 30, 2023. First quarter results include the Company's combination with Zynga, which closed on May 23, 2022, and affects the comparability of its results relative to last year. For further information, please see the first quarter fiscal 2024 results slide deck posted to the Company’s investor relations website at take2games.com/ir.\n\n\nManagement Comments\n\n\n\"We had a strong start to the fiscal year and achieved Net Bookings of $1.2 billion, which was at the high end of our expectations. Our performance was led by our catalog of iconic, industry-leading intellectual properties, which continues to resonate with our player communities worldwide,\" said Strauss Zelnick, Chairman and CEO of Take-Two.\n\n\n\"Our core business trends remain healthy, and we are reiterating our prior guidance of $5.45 to $5.55 billion in Net Bookings for Fiscal 2024. Our teams are making excellent progress on our strategic focus areas, including the advancement of our eagerly-anticipated development pipeline and capitalizing on our revenue-driven opportunities and synergies, all while maintaining a deep focus on efficiency.\"\n\n\n\"We remain confident that we are positioning our business for a significant inflection point in fiscal 2025, which we believe will include new record levels of operating performance. We would like to thank all of our stakeholders for their continued support, and we look forward to delivering on this exciting next chapter.\"\n\n\nFirst Quarter Fiscal 2024 Financial and Operational Highlights\n\n\n\nTotal Net Bookings* grew 20% to $1.20 billion, as compared to $1.00 billion during last year’s fiscal first quarter.\n\n\nNet Bookings from recurrent consumer spending** grew 38% and accounted for 84% of total Net Bookings.\n\n\n\nThe largest contributors to Net Bookings were NBA® 2K23, Grand Theft Auto® Online and Grand Theft Auto V, our hyper-casual mobile portfolio, Empires & Puzzles™, Toon Blast™, Merge Dragons!™, W...