Take-Two’s Robust Earnings Were Driven by In-Game Spending on Big Titles
Take-Two (ticker: TTWO) reported fiscal first-quarter earnings late Monday, handily beating Wall Street expectations in part because of the cash consumers were spending within games they already own. The company’s microtransaction revenue rose 16% for NBA 2K and 155% for Grand Theft Auto Online, both of which were records, according to Jefferies analyst Alex Giaimo. Barclays analyst Mario Lu wrote in a client note that the fiscal first quarter saw the highest new-player acquisition since GTA Online title made its debut in 2013.
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