Take-Two Interactive has joined the growing list of companies publishing their financial results for Q3 of this fiscal year, ending on December 31, and in this report we find out that Red Dead Redemption 2 has shipped 23 million units worldwide.
This is just one of the games that have contributed to a strong performance in this last quarter for Take-Two, with net revenue growing to $1.249 billion USD in that time. Recurrent consumer spending (i.e. virtual currency and in-game purchases) actually increased and makes up 24% of the total net revenue, with NBA 2K19, Grand Theft Auto Online, and WWE 2K19 among the other games helping the company.
Digitally-delivered net revenue grew from $258.4 million in the last year's fiscal third quarter to $594.7 million this year, accounting for 48% of total net revenue. Net income, on the other hand, increased to $179.9 million, when compared to $25.1 million in the same period last year, and net cash from operating activities grew 62% to $390.2 million.
"Take-Two delivered better-than-expected results in the fiscal third quarter," said Strauss Zelnick, Chairman and CEO of Take-Two. "Our outperformance was driven primarily by the record-breaking launch of Red Dead Redemption 2 along with strong results from NBA 2K19. In addition, consumers engaged significantly with our offerings, and recurrent consumer spending grew 31% to a new record. We generated strong cash flow and ended the period with $1.6 billion in cash and short-term investments, after deploying $109 million to repurchase 1 million shares of our stock.
"As a result of our outstanding third quarter performance, we are raising our outlook for fiscal 2019, which is poised to be a record year for Net Bookings and Adjusted Operating Cash Flow. Looking ahead, as our industry continues to embrace new technologies that enhance consumers' experience with, and access to interactive entertainment, we remain focused on broadening the reach of our content and expanding further globally. Take-Two is exceedingly well-positioned - creatively, strategically and financially - to capitalize on the vast opportunities that will shape the future of our business, and to deliver long-term growth and margin expansion."
Does it surprise you to see Take-Two doing this well?
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