Why Take-Two Stock Jumped Today
Shares of Take-Two Interactive (NASDAQ: TTWO) have jumped today, up by 7% as of 11:20 a.m. EDT, after the video game maker reported strong fiscal first-quarter earnings results. NBA 2K19, Grand Theft Auto Online, and Red Dead Redemption 2 were among its biggest revenue generators during the quarter.
Net revenue jumped 39% to $540.5 million, of which 58% was considered recurrent consumer spending like microtransactions and in-game purchases. The company said the largest contributors to revenue during the fiscal first quarter were NBA 2K19, Grand Theft Auto Online, Grand Theft Auto V, Red Dead Redemption 2, and the Borderlands franchise. That translated into net income as reported under generally accepted accounting principles (GAAP) of $46.3 million, or $0.41 per share.
Red Dead Redemption 2. Image source: Rockstar Games.
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