Take-Two Flourishes On Steady Demand For Mobile Gaming
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Take-Two (Nasdaq: TTWO) revealed its Q4 2024 financial performance on 16 May. The firm’s revenue stood at $1.349 billion, surpassing consensus estimate of $1.32 billion and down 3% YoY.
Meanwhile, earnings per share missed the -0.98 estimate at -17.02, whereas sales came at $1.399 billion versus the forecasted $1.299 billion.
Mobile gaming propels Take-Two
Besides the revenue increase, the company’s Q4 performance confirms stable demand for the top segments, including NBA 2K24, WWE 2K, Red Dead Redemption, and Grand Theft Auto.
“Many of our key franchises outperformed, including NBA 2024, Zynga’s in-app purchases, led by Toon Blast & our newest hit – Match Factory – the Red Dead Redemption series and the Grand Theft Auto series.”
The Zynga acquisition proved vital as it enriched Take-Two’s mobile gaming assortment. Zynga’s game Top Troops amplified mobile revenues.
Zynga’s in-game purchases, surging Grand Theft Auto & Grand Theft Online popularity, and Red Dead Redemption series likely aided the company’s top-line progress.
Meantime, the focus shifts to the launch of Grand Theft Auto VI, scheduled for the fall of next year.
Grand Theft Auto VI will launch in Fall 2025, according to Take-Two
— πΉπππ πΊπππππππ (@_RuneScimitar) May 16, 2024
Via their 2024 earnings call#gta #GTAVI #grandtheftauto #taketwo pic.twitter.com/bMnGBayp5c
Zelnick believes prioritizing the GTA VI launch, which “everybody is excited about,” contributed to the company’s optimistic outlook.
TTWO price outlook
The share traded at $146.17 as the company announced Q4 results, up 0.61% in the past month.
(Click on image to enlarge)
Meanwhile, TTWO lost 8.72% year-to-date and 1.31% over the previous day.
Nonetheless, faded recurrent consumer spending, including in-game purchases, advertising, add-on content, and virtual currency activities contributed to the firm’s 3% revenue dip in the past year.
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