Take-Two Interactive Software announced its financial results for the first quarter of the fiscal year, related to the period between April 2023 and June 2023, alongside an update on sales for Grand Theft Auto V and Red Dead Redemption 2.
From the announcement, we learn that the company achieved $1.20 billion in net bookings during the quarter, up 20% year-on-year.
The largest contributors to these results are identified as "NBA 2K23, Grand Theft Auto Online and Grand Theft Auto V, the hyper-casual mobile portfolio, Empires & Puzzles, Toon Blast, Merge Dragons!, Words With Friends, Red Dead Redemption 2 and Red Dead Online, and Toy Blast."
Net bookings related to recurrent consumer spending (basically microtransactions, DLC, etcetera) grew 38% year-on-year and represented 84% of the total.
That being said, the company recorded a net loss of $206 million, compared to $104 million in the red in the same quarter last year.
According to tradition, the official press release included a comment from CEO Strauss Zelnick, who boasted a "strong start" of the fiscal year with results at the high end of the company's expectations.
Interestingly, Zelnick mentions that the company expects breaking records in the fiscal year 2025, which is the next (between April 2024 and March 2025). Whether you want to read a hint about Grand Theft Auto VI's release into that or not, I'll let you decide, but nothing has been announced.
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.
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.
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.
Speaking of sales of Take-Two's usual cash-cow games, Grand Theft Auto V has shipped over 185 million units (bringing the total for the franchise to over 405 million units cumulatively) and Red Ded Redemption 2 has shipped over 55 million units as of March 2023. The franchise has now shipped over 79 million units cumulatively.
The previous update, provided in May (updated to March 2022) mentioned that GTA5 was at over 180 million units, while Red Dead Redemption 2 was at over 53 million units.
We also learn that Borderlands 3 has now passed 18 million units shipped, up from 17 a quarter ago. NBA 2K23 has shipped over 13 million units.
Take-Two also published a snapshot of its pipeline of games in development expected to release by March 2026. It's with mentioning that it has not changed from the version shared last quarter besides the fact that some of the games have been revealed.
As usual, this is just a snapshot of the pipeline, and some of the games might be canceled or delayed, while others may be added to the list.
If you'd like to compare today's results with historical data, you can read the previous financial announcement made by Take-Two in May, via our dedicated article.
