Take-Two Interactive Software, Inc. (NASDAQ:TTWO) saw its shares go down the scale Tuesday, on reporting strong second-quarter results, reflecting its first full quarter of operations since the combination with Zynga earlier this year.
In addition, the Company revised its outlook for fiscal year 2023, ending March 31, 2023, and provided its initial outlook for the third quarter of fiscal year 2023, ending December 31, 2022.
GAAP net revenue increased 62% to $1.4 billion, as compared to $858.2 million in last year’s fiscal second quarter. Recurrent consumer spending (which is generated from ongoing consumer engagement and includes virtual currency, add-on content, in game purchases and in-game advertising) increased 95% and accounted for 79% of total GAAP net revenue. Digitally-delivered GAAP net revenue increased 69% to $1.3 billion, as compared to $779.1 million in last year’s fiscal second quarter, and accounted for 95% of total GAAP net revenue.
The largest contributors to GAAP net revenue were NBA® 2K22 and NBA 2K23 ; Grand Theft Auto® Online and Grand Theft Auto V; Empires & Puzzles™ ; Rollic's hyper-casual portfolio; Toon Blast™ ; Red Dead Redemption® 2 and Red Dead Online ; Words With Friends™; Merge Dragons!™ ; and Toy Blast™.
GAAP net loss was $257.0 million, or $1.54 per share, as compared to net income of $10.2 million, or $0.09 per diluted share, for the comparable period last year.
TTWO shares dropped $11.08, or 10.7%, to $96.82.
