Digital net revenue up to $427.8 million for the quarter at Take-Two Interactive

Take-Two Interactive has closed out the first quarter of its 2020 fiscal year with both net revenue and net bookings on the rise, prompting the company to raise its full-year projections after only one quarter.

Net bookings jumped 46 percent year-over-year, coming in at $422.2 million from the quarter ending June 30 while net revenue rose 39 percent to $540.5 million.

As such, net revenue from digital sources grew from $315 million $427.8 million year-over-year, a 36 percent jump, and now represents 79 percent of total net revenue for the quarter. The Grand Theft Auto, Red Dead Redemption, NBA 2K19, Borderlands, and Civilization franchises are all credited as big earners in this category during the last three months.

Breaking that down into net bookings, or the “net amount of products and services sold digitally or sold-in physically during the period,” those same franchises helped Q1’s net bookings increase 51 percent year-over-year, rising from $252.8 million to $382.5 million for the quarter.

This quarter saw the official launch of Red Dead Redemption 2’s online mode at Take-Two subsidiary Rockstar Games, but the launch of the developer’s popular casino-focused update for Grand Theft Auto Online notably came after Q1 had closed, so any boost from that launch won’t be reflected until Q2 is posted.

Looking forward, Take Two and its subsidies have games like Ancestors: The Humankind Odyssey, NBA 2K20, Borderlands 3, WWE 2K20 and The Outer Worlds on the way later in the financial year, and the company specifically notes as well that the results of Q1 led it to bump up its full-year projections.

Take-Two Interactive now expects to see net revenue between $2.83 to $2.93 billion and net income from $425 million to $454 million for the full financial year.