I asked Zelnick if he was worried about a labor shortage, given the boom in game investments since the pandemic started. Take-Two said it has 7,215 employees now, up from 6,800 in the previous quarter. But the net effect on gaming as people return to normal activities isn’t clear just yet. Some of the offices are open, and the majority will open in the coming months, but the company is studying the dynamics for each region and guidance from local governments and health officials.ĭuring the shelter-in-place orders that began last year, the company saw heightened levels of engagement and bookings during the past year. In the quarterly report, Take-Two said it is being prudent about returning to the office and planning. Recurrent consumer spending, a good measure of loyalty to ongoing games with live operations, increased 7% in the quarter and accounted for 69% of total net bookings. And in certain instances, we don’t have the confidence that something will reach that level of excellence, and therefore we can’t proceed.” We’re trying to build tentpole franchises. We devoted a lot of time and resources to the property. “There’s not much else to say, ultimately. “When we talked about our robust pipeline, over a multi-year period, we did say that certain titles would not make it. Take-Two took a one-time charge against earnings of $53 million for costs of goods sold as a result of a cancellation of a game in development. The company reported GAAP net income of $10.3 million, or 9 cents a share, compared with $99.3 million, or 86 cents a share for the same quarter a year ago. Analysts also expected fiscal Q3 earnings per share of $1.12 on revenues of $950.1 million, and full-year fiscal results of $4.59 a share on revenues of $3.41 billion. About 91% of all GAAP sales were digital.Īnalysts expected Take-Two to report non-GAAP earnings per share of $1.34 on revenues of $866.9 million for the second fiscal quarter ended September 30. We also expect to continue to attract the very best creators who share in our vision to set new benchmarks and captivate audiences throughout the world.”įor the results, the company credited ongoing sales of NBA 2K22 and NBA 2K 21, Grand Theft Auto Online, Grand Theft Auto V, Red Dead Redemption 2, Red Dead Online, Borderlands 3, Two Dots, Sid Meier’s Civilization VI, and Dragon City. “As we continue to harness and enhance our competitive advantages - our incredible creative talent, best-in-class marketing and technology, and strong balance sheet - we will introduce new entertainment experiences that we believe have vast commercial potential and the ability to drive long-term engagement and recurrent consumer spending. “We remain highly optimistic about our ability to capitalize further on the positive trends of our industry,” he said. (Zelnick will be a speaker at our GamesBeat Summit Next online event on November 9-10, in a fireside chat with Mike Vorhaus of Vorhaus Advisers).
They also require significantly less development time, so there's a financial appeal for companies like Take-Two.“I wouldn’t say that the pandemic is over, I think we’re certainly not seeing that in working conditions, and therefore it’s hard to believe we’re seeing it fully in consumer patterns, but I think we’re close to the new normal,” he said.Īs a result of our better-than-expected second-fiscal-quarter operating results, along with an updated forecast for the balance of the year, Take-Two is raising net bookings guidance for the year to $3.3 billion to $3.4 billion, Zelnick said. Remasters present a great opportunity for newcomers to play games they might have missed out on the first time. Games like the original Red Dead Redemption would make a lot of sense, and even Bully could be a possibility.
While a Grand Theft Auto 4 remaster could be included in Take-Two's plans, it's possible we could see other franchises from Rockstar get a similar treatment.
Hopefully, these planned remasters will be released in a state that players will be much happier with! While there was quite a bit of excitement surrounding the collection, it was released in a state that many fans were unhappy with, thanks to bugs and performance issues. In the company's financial results, ports and remasters are being referred to as "new iterations of previously released titles." Last year, the company released Grand Theft Auto: The Trilogy – The Definitive Edition, which featured remasters of Grand Theft Auto 3, Grand Theft Auto: Vice City, and Grand Theft Auto: San Andreas.
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