Take-Two Interactive set a first quarter record by growing its revenue 54% year-over-year to $831.3 million, becoming the latest company to take advantage of what has become a red-hot video game industry during the pandemic. Last week, Electronic Arts reported that it had a 21% year-over-year increase in revenue during its latest quarter.
With the results, Take-Two increased its second quarter outlooks, including expected revenue ranging from $750 million to $800 million. The company also saw its digital revenue increase 70%, making up 87% of net revenue.
Take-Two has become known for its sports games, and the publisher will be further leveraging that in the coming quarters. Along with launching its next edition of NBA 2K, the company will release PGA Tour 2K21 this month. Take-Two’s first new NFL non-simulation football game – thanks to recent deals with the league and the NFLPA – will come out next year.