On Monday, May 16, Take-Two Interactive Software Inc. (NASDAQ: TTWO) released its quarterly results and anticipated considerable revenue growth for the coming fiscal year. The positive outlook and strong performance sent TTWO stock up almost 12% to $123.08.
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In the fourth fiscal quarter, Take-Two Interactive Software’s revenue grew by 11% year over year to $839 million. NBA 2K, Grand Theft Auto V, Grand Theft Auto Online, Red Dead Redemption 2, and Red Dead Online were the top earners.
The firm also mentioned the success of initiatives like Tiny Tina’s Wonderland and the mobile games Top Eleven and Two Dots. Bookings totaled $3.41 billion for the fiscal year, down from $3.55 billion the prior year.
Earnings per share in the fourth quarter were $0.95, above Wall Street expectations. However, it was TTWO’s optimistic projection for the fiscal year 2023 that drove the increase in prices, not the report.
The company expects orders to reach between $3.75 billion and $3.85 billion this year, a new high. Take-Two Interactive is releasing twice as many games this year as last, which has boosted the outlook.
The increase is part of a long-term growth strategy that involves dozens of new games being released by the fiscal year 2025. Take-Two anticipates a $1.2 billion adjusted net income in fiscal 2025, up from $532 million in fiscal 2022.
Net orders are expected to reach $5.5 billion, a 65 percent increase. Take-Two management’s confidence in the successful sales of existing and future gaming projects is reflected in this projection.
On the 17th of May, the company’s shares were trading 11.78 percent higher at $123.08. Prices ranged between $117.64 and $124.592 over the last trading session. The stock is -61.59 percent below the target price of $198.89. The company’s current market capitalization is $13.73 billion.