Take-Two Q2 Earnings Highlights: Shares Hit On Updated Guidance, Here's What The Company Says

Zinger Key Points
  • Take-Two Interactive reported GAAP revenue of $1.4 billion, up 62% year-over-year.
  • Guidance for the full year is below analysts' expectations.

Video game company Take-Two Interactive Software TTWO reported second-quarter financial results after market close Monday. Here are the key highlights.

What Happened: Take-Two Interactive reported GAAP revenue of $1.4 billion, up 62% year-over-year. The company reported net bookings of $1.5 billion, up 52%. The bookings total missed a Street estimate of $1.55 billion, according to data from Benzinga Pro.

The company reported earnings per share of $1.30 in the second quarter missing a Street estimate of $1.37.

Recurrent consumer spending was up 95% year-over-year and made up 79% of GAAP revenue. The segment includes items like virtual currency, add-on content, in-game advertising and in-game purchases.

Digital net revenue was up 69% to $1.3 billion in the second quarter.

Key titles for the company in the second quarter were NBA 2K22, NBA 2K23, Grand Theft Auto Online, Grand Theft Auto V, Empires & Puzzles, Red Dead Redemption 2 and Red Dead Online.

NBA 2K23 was released on Sept. 9 by the company.

This marked the first full quarter of Zynga results for Take-Two after the mobile game company was acquired earlier this year. Zynga also completed its acquisition of Storemaven on Sept. 12, 2022.

Related Link: Take-Two To Shut Down Major Gaming Studio In A Surprise Move, Closure To Cost 65 Jobs 

What’s Next: The company is guiding for third quarter GAAP net revenue to be in a range of $1.43 billion to $1.48 billion.

Take-Two is guiding for full-year revenue to be in the range of $5.41 billion to $5.51 billion. Analysts were expecting full-year revenue of $5.89 billion according to data from Benzinga Pro.

TTWO Price Action: Take-Two shares were down 16.05% to $91 in after-hours trading Monday. Shares could open at a new 52-week low Tuesday with the current 52-week trading range being $101.85 to $189.89.

Read Next: Analyst Ratings For Take-Two 

Photo: Sergei Elagin via Shutterstock


Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsGamingNewsTop StoriesAfter-Hours CenterMoversTrading IdeasGeneralGrand Theft AutoGrand Theft Auto VMobile GamesNBA 2K22NBA 2K23Video Game Stocksvideo gamesZynga
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!