Take-Two hits nearly $1 billion in Q1 net bookings, net income up 91%

Take-Two Interactive's Q1 earnings surges as consumers flock to video games during COVID-19 lockdowns and spend millions.

@DeekeTweak
Published Mon, Aug 3 2020 5:10 PM CDT   |   Updated Sat, Aug 8 2020 10:29 AM CDT

Take-Two Interactive's Q1'21 earnings show tremendous digital growth thanks to NBA 2K20, Grand Theft Auto, and catalog sales and earnings.

Take-Two hits nearly $1 billion in Q1 net bookings, net income up 91% 121 | TweakTown.com

Take-Two's Q1'21 results continue to reflect how COVID-19 is boosting video games earnings. The Grand Theft Auto parent company broke multiple earningsrecords during the quarter ending June 30, driven by substantial jumps in monetization, sales, and engagement.

The company reported net income of $88.5 million (+91%) on net revenues of $831.31 million (+54%). Net operational cashflow, one of the most telling metrics, skyrocketed by 310% to $445.3 million, clearly showing the efficiency of Take-Two's streamlined business.

Take-Two Interactive Q1'21 Earnings At-A-Glance

  • Net Revenue - $831.31 million, up 54%
  • Net Bookings - $996.2 million, up 136%
  • Net Income - $88.5 million, up 91%
  • Digital Net Bookings - $915 million, up 139% YoY
  • Recurrent consumer spending -$647.53 million, up 127%
  • Total Expenses -$749.16 million

Recurrent consumer spending, or microtransactions, subscriptions, and DLC, grew $127% to $647.53 million. NBA 2K20 was the largest contributor to recurrent consumer spending during the quarter, and the game saw a sharp triple-digit spike in monetization due to the lack of sports alternatives during COVID-19 lockdowns.

Digital net bookings, which includes recurrent consumer spending and game sales, skyrocketed to nearly $1 billion in revenues. The company pulled in $915 million from digitally-delivered net bookings, up 139% year-over-year, of which catalog made over 90%. These earnings were driven by NBA 2K20, Grand Theft Auto V and Grand Theft Auto Online, and Red Dead Redemption 2.

As Take-Two's earnings jumped, so too did its expenses. The company spent $749.16 million total on expenses in Q1'21.

Noteworthy details:

  • GTA V has now sold 135 million copies
  • NBA2K20 has made over $1 billion in net bookings
  • GTA V next-gen re-release is due out second-half 2021
  • Pipeline of new games includes sequels in best-selling franchises
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NEWS SOURCE:ir.take2games.com

Derek is absorbed with the intersection of technology and gaming, and is always looking forward to new advancements. With over six years in games journalism under his belt, Derek aims to further engage the gaming sector while taking a peek under the tech that powers it. He hopes to one day explore the stars in No Man's Sky with the magic of VR.

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