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Take-Two Interactive Software, Inc. (TTWO-2.89%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net revenue of $1,353.1 million for the quarter, an increase from $1,299.2 million in the same quarter the previous year. This growth was primarily driven by increased revenue from new releases such as Match Factory! and Toon Blast.
Cost of revenue for the quarter was $625.2 million, representing 46.2% of sales, compared to 68.0% in the same quarter of the previous year. The decrease in cost ratio is attributed to lower amortization of intangible assets.
Gross profit for the quarter was $727.9 million, compared to $415.4 million in the previous year, with the increase attributed to higher net revenue and lower cost of revenue.
Selling and marketing expenses increased to $461.3 million from $334.6 million, primarily due to higher marketing expenses for new game releases.
General and administrative expenses rose to $253.0 million from $178.3 million, driven by increased legal fees and personnel expenses.
The company reported a net loss of $365.5 million for the quarter, down from a net loss of $543.6 million in the previous year. Basic and diluted loss per share was $2.08, compared to $3.20 in the previous year.
Cash used in operating activities was $319.4 million, while cash provided by financing activities was $597.0 million, primarily related to proceeds from the issuance of new senior notes.
Take-Two had a working capital of $2,705.7 million as of September 30, 2024. The company continues to focus on developing new titles and expanding its market presence.
The filing also details various financial agreements, including the issuance of new senior notes and updates to the company's credit agreement.
Take-Two does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to monitor macroeconomic factors and their potential impact on its business operations and financial results.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Take-Two Interactive Software Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.