Take-Two Interactive gave financial results for its latest quarter to investors today, and despite reporting a loss the company seems optimistic enough about its future to raise its revenue projections for the fiscal year.
Notably, one of its top highlights for the quarter was a 66 percent year-over-year increase in net revenue from “recurrent consumer spending” — that is, purchases of DLC, in-game currency, and other microtransactions.
Such transactions accounted for nearly half (48 percent) of Take-Two’s net revenue for the quarter, led by microtransactions in games like NBA 2K17, Grand Theft Auto V and its online component Grand Theft Auto Online.
“Grand Theft Auto Online delivered its best quarter yet, Net Bookings from Grand Theft Auto V grew year-over-year,” stated Take-Two chief Strauss Zelnick in the earnings release, which also noted that GTA V has “sold in” (that is, sold to retailers) over 85 million copies since its 2013 release.
In terms of numbers, Take-Two reported a (GAAP) loss of $2.7 million in net profits on $443.5 million in net revenues during the three months ending September 30th. That seems a bit less impressive than the same period last year, when the company reported profits of $36.4 million on $420.1 million in net revenues.
Nevertheless, Take-Two is raising its expectations for how much revenue it will pull in this fiscal year even as it lowers its predictions for how much profit it will generate on that revenue. The company now expects to earn a net income of $63 – $91 billion on net revenues of $1.74 – $1.84 billion durings its 2018 fiscal year, which ends next March.