Take-Two Interactive Software today announced financial results for the second quarter of fiscal year 2023 covering the period July to September 2022.
First of all, although net revenue was up 62% year-over-year, the company posted a net loss of $257 million. However, she defines the results as “strong”.
The company also revised down its full-year guidance, citing “lower expectations in the mobile business and changes in the release schedule.”
Top earners for the quarter were “NBA 2K23 and NBA 2K22, Grand Theft Auto Online and Grand Theft Auto V, hyper-casual games portfolio Rollic, Empires & Puzzles, Toon Blast, Words With Friends, Merge Dragons! Red Dead Redemption 2 and Red Dead Online, as well as Toy Blast”.
We hear the words of CEO Strauss Zelnick, who also spoke about the reduction in full-year guidance.
We continue to make excellent progress on Zynga integration and we remain optimistic about the huge long-term growth potential of the mobile industry, which is expected to reach over $160 billion in gross orders over the next four years.
We now expect FY 2023 net bookings to be between $5.4 billion and $5.5 billion. The downgrade reflects changes in our system, currency fluctuations and a more cautious look at the current macroeconomic environment, especially in the mobile arena.
Despite these adverse factors and their impact on our forecasts for the year, we remain confident in our diverse and extensive development program, which we expect will provide us with consistent years of growth and record performance. Take-Two has a proven strategy and a consistent track record of success that is driven by our Core Principles: We strive to be the most creative, most innovative and most effective entertainment company in the world. By striving to seize the many opportunities before us, we intend to create significant long-term value for our shareholders.
More news coming in on lifetime sales, starting with the unstoppable Grand Theft Auto V, which has retailed over 170 million units.
Red Dead Redemption 2 has shipped over 46 million units and NBA 2K23 has sold almost 5 million retail units.
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