Take-Two Interactive Reports Monster Quarter as It Prepares to Launch Dozens of More Games
It's no secret that digital entertainment is where the action is right now, and the COVID-19 pandemic is accelerating that trend. Top video game maker Take-Two Interactive (NASDAQ: TTWO) finished its fiscal year on a high note by reporting exceptionally strong numbers for the quarter ended in March.
It was a strong quarter across the board for Take-Two's game lineup. Recurrent consumer spending increased by 40% year over year during the fiscal fourth quarter and comprised 54% of total revenue. This was driven by in-game spending in top titles, such as NBA 2K, Grand Theft Auto Online, Red Dead Online, and several other titles. Total revenue increased 16% for fiscal 2020, crossing the $3 billion mark for the first time in Take-Two's history, while earnings climbed 21% for the year.
But this is just the beginning of what should be another decade of strong growth, as management announced a new release slate of 93 new games at various stages of development and planned for release over the next five years through fiscal 2025.
Source Fool.com
