On May 16, Eastern time, Take-Two Interactive Software, Inc. (hereinafter referred to as T2), the parent company of R-Star, announced its Q4 and full-year financial results for fiscal year 2024.
According to the financial report, T2's net operating income for the full fiscal year was $5.35 billion, unchanged from the previous fiscal year. Net loss was US$3.74 billion, up 233.9% year-on-year from US$1.12 billion in the previous fiscal year.
According to the consolidated operating statement, T2's total operating costs reached US$5.83 billion, an increase of 69.1% year-on-year compared with the previous fiscal year, while revenue failed to achieve a significant increase. On April 16 this year, T2's board of directors began a cost-cutting program that includes further rationalizing the company's internal product line, eliminating some of its ongoing research programs, laying off headcount and reducing the size of hiring. The project will be completed in the next fiscal year.
T2's gaming business accounted for about 88% of the revenue for the fiscal year, or $4.69 billion. According to the financial report, a number of works of T2's studios have achieved good sales during the fiscal year, such as the "NBA 2K" series, of which the total sales of "NBA 2K24" have exceeded 9 million copies, and the sales of "GTA 5" and "GTA OL" have still increased by 35% and 23% during the fiscal year, of which the total sales of "GTA 5" have reached nearly 200 million copies.
At the same time, T2's financial report announced the future game release plan, and "GTA 6" is confirmed to be released in the fall of 2025.
The financial report predicts that T2's loss in the next fiscal year will be contained at around $600 million, but the release time of "GTA 6" is already in fiscal 2026, which means that the financial report for fiscal year 2025 will not be contributed by "GTA 6".
Following the earnings release, T2 shares fell 5.44% in the after-hours trading session, and the stock price has fallen 9% for the year.