Take-Two has published a financial report for the third quarter ended December 31, 2023. The company is now working on a cost reduction program, which doesn’t involve job cuts.

Financial highlights

  • According to its Q3 financial report, Take-Two reached $1.36 billion in net revenue, down 3% year-over-year.
  • Net bookings decreased by 3% year-over-year to $1.34 billion, and digital sales accounted for 95% of the total.
  • Mobile was the number one segment by revenue at $706.7 million, followed by console ($547.6 million) and PC ($112 million).
  • Take-Two’s net loss reached $91.6 million, decreasing by $61.8 million compared to the same period last year. It is worth noting that this is the company’s lowest quarterly loss since acquiring Zynga in May 2022.
  • As of December 31, Take-Two employed 8,894 people.

Take-Two’s game sales and production pipeline

The largest contributors to Take-Two’s revenue were its back catalog titles. Games like GTA V, GTA Online, Toon Blast, and the Red Dead Redemption series exceeded the company’s expectations for the quarter.

Below are the updated sales figures for biggest Take-Two games and franchises:

  • GTA V — 195 million copies (the entire GTA series crossed the 420 million mark);
  • Red Dead Redemption 2 — 61 million copies (the series reached 86 million units);
  • NBA 2k24 — 7 million copies (the entire franchise hit 146 million units sold);
  • Borderlands — 83 million copies, of which 28 million are Borderlands 2;
  • Sid Meier’s Civilization — 69 million copies;
  • BioShock — 42 million copies;
  • Zynga’s hyper-casual portfolio surpassed 2.7 billion downloads, with Hair Challenge (259 million), Tangle Master 3D (186 million), High Heels! (160 million), and Fill the Fridge (124 million) in the top 5.

Take-Two plans to release 17 “immersive core” releases (large AAA releases like GTA and its sports franchises) by March 31, 2026, including Judas and GTA VI (“calendar 2025”). In addition, the company has five independent titles in its pipeline, which will be released through its Private Divisions label — including No Rest for the Wicked and Tales of the Shire.

During an earnings call, Take-Two CEO Strauss Zelnick announced that the company is “currently working on a significant cost reduction program across our entire business to maximize our margins.” He told IGN that there are currently “no plans” for layoffs, adding that marketing remains Take-Two’s biggest item of expense, so the company plans to optimize that in the first place.

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