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Take-Two Interactive saw a slight year-over-year drop in net income, as it generated $ 841.1 million in the second quarter of fiscal 21.
Last year, during the same period, the company earned $ 857.8 million. However, net reserves grew year-on-year to $ 957.5 million. Additionally, recurring consumer spending (virtual currency, game content, and DLC) increased 56% year-on-year.
Additionally, recurring consumer spending accounted for 59 percent of total GAAP in Take-Two’s second quarter earnings. Additionally, GAAP net income grew 38 percent year-over-year to $ 99.3 million.
The company has claimed that its biggest contributors for the second quarter were NBA 2K20 and 2K21, Grand Theft Auto Online and GTA V. Additionally, Red Dead Redemption 2 and its online counterpart also performed well.
However, the American gaming giant also attributed Social Point’s mobile games a contributing factor. Take-Two currently has 21 games planned for mobile devices.
Positive result
“Our positive momentum continued into the second fiscal quarter with operating results significantly exceeding our expectations,” said Strauss Zelnick, President and CEO of Take-Two.
“Our fantastic results were highlighted by the superior performance of NBA 2K, PGA TOUR 2K21 and Mafia: Definitive Editions and Mafia: Trilogy, reflecting our ability to deliver the highest quality entertainment experiences to consumers.
“As a result of our better-than-expected second quarter operating results and a higher forecast for the remainder of the year, we are raising our fiscal 2021 outlook and now expect a record net reserve of more than $ 3 billion.
“With the strongest line of development in the Company’s history and our continued investment in emerging markets, platforms and business models, Take-Two is very well positioned to capitalize on the many positive trends in our industry and generate growth and margin expansion . in the long term. “
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