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Take-Two Interactive Software | 10-Q: Quarterly report

SEC announcement ·  Feb 9 14:47
Summary by Moomoo AI
Take-Two Interactive Software, Inc. (Take-Two) reported a decrease in net revenue for the three months ended December 31, 2023, with a 2.9% drop compared to the same period in the previous year. The company's net revenue was $1,366.3 million, down from $1,407.8 million. The cost of revenue saw a slight decrease of 0.5%, resulting in a gross profit of $678.1 million, a 5.3% decrease from the prior year's $715.9 million. Selling and marketing expenses decreased by 17.7%, while research and development expenses saw a minor decrease of 2.4%. General and administrative expenses also decreased by 2.3%. The company recorded impairment charges of $53.4 million for the quarter and $273.1 million for the nine months due to reduced forecasted performance of certain games. The company completed an add-on offering of...Show More
Take-Two Interactive Software, Inc. (Take-Two) reported a decrease in net revenue for the three months ended December 31, 2023, with a 2.9% drop compared to the same period in the previous year. The company's net revenue was $1,366.3 million, down from $1,407.8 million. The cost of revenue saw a slight decrease of 0.5%, resulting in a gross profit of $678.1 million, a 5.3% decrease from the prior year's $715.9 million. Selling and marketing expenses decreased by 17.7%, while research and development expenses saw a minor decrease of 2.4%. General and administrative expenses also decreased by 2.3%. The company recorded impairment charges of $53.4 million for the quarter and $273.1 million for the nine months due to reduced forecasted performance of certain games. The company completed an add-on offering of $350.0 million in senior notes, which will be used for general corporate purposes, including retiring the 2024 Notes at maturity. Take-Two's business development includes a diverse portfolio of products across various platforms and genres, with a strategy focused on creativity, innovation, and efficiency. The company's future plans involve continued investment in its franchises, with the release of Grand Theft Auto VI planned for 2025. The company's international business seeks to increase its presence, particularly in Asia, the Middle East, and Latin America. Take-Two's financial results are affected by the timing of product releases, economic environment, retailer performance, and hardware platform success. The company's net bookings for the three months decreased by 3.3%, while the nine-month period saw an increase of 2.4%. The company's liquidity is supported by cash and cash equivalents, short-term investments, and projected cash flow from operations, with capital expenditures anticipated to be approximately $150.0 million for fiscal year 2024.

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