After a strong showing with fiscal Q2 2020 financial numbers, Take-Two Interactive Software, Inc. [stock_market_widget type="inline" template="generic" color="default" assets="TTWO" markup="(NASDAQ: {symbol} {currency_symbol}{price} ({change_pct}))" api="yf"] is raising its operating outlook for the full fiscal year and forecasting higher numbers for the upcoming next quarter.
For the latest fiscal quarter ending Sept. 30, Take-Two announced incoming revenue of $857 million, a sharp uptick just shy of 75% from the same period last year.
With those higher than expected numbers arriving this week, the company is now expecting the quarter ending Dec. 31 to see net income between $159 – $170 million, with net revenue expected in the $915 – $965 million range.
Revenue for the full fiscal year ending in March is additionally expected to land somewhere near the $3 billion mark.
Revenue for this latest quarter and the coming fiscal quarter are seeing stronger than average numbers based on the high-profile releases of sequels to major franchises, such as Borderlands 3 and the eSports focused NBA 2K20.
The company also just marked the anticipated launch of The Outer Worlds, a new first person, sci-fi RPG from long-running developer Obsidian. The RPG-focused development team was recently snapped up by Microsoft and teamed up with Take-Two Interactive for publishing The Outer Worlds on PC and consoles.
Discussing recent franchise releases and the company’s increased guidance for the coming months, Take-Two Chief Executive Officer Strauss Zelnick commented:
While WWE2K20 has seen a relentless onslaught of negative reviews over major bugs and glitches, that negative press doesn’t seem to have made a major impact on the company’s bottom line yet.
The larger number of major titles released through various Take-Two subsidiaries or publishing deals is also keeping the company’s numbers higher, such as the lauded Red Dead Redemption 2 and its multiplayer counterpart Red Dead Online arriving on PC a year after the game’s original console launch.
