Take-Two Interactive has experienced remarkable success in the mobile gaming sector, surpassing $2 billion in revenue within the first nine months of its financial year. Despite a downturn in net bookings and GAAP net revenues compared to the previous year's Q3, the company's mobile division, particularly Zynga, has been a significant contributor to its overall performance.

Following its acquisition by Take-Two in 2022, Zynga's Q3 2024 performance indicates it will account for 51% of the company's full-year net bookings. This dominance underscores the profitability of mobile gaming, with recent additions like merge RPG Top Troops and 3D puzzler Match Factory! already proving successful.

In the latest quarter, mobile gaming generated over half of all revenue by platforms, totaling $707 million, while console gaming brought in $548 million. Conversely, the "PC and other" category generated only $112 million for Take-Two.

Despite strong mobile performance, overall results for the third quarter fell slightly short of expectations. Net bookings totaled $1.34 billion, down from $1.38 billion in Q3 2023, with recurrent consumer spending accounting for 75% of overall bookings, down from 82%. GAAP net revenue also decreased from $1.41 billion to $1.37 billion.

International revenue saw a modest increase, rising from $521 million in Q3 2023 to $548 million in Q3 2024, while US revenue declined from $887 million to $818 million.

Key contributors to the quarter's GAAP net revenue included Grand Theft Auto: The Trilogy - The Definitive Edition, released on mobile via Netflix, although lackluster advertising for NBA 2K24 impacted overall figures.

Take-Two chairman and CEO Strauss Zelnick commented on the company's performance, highlighting the success of titles like Grand Theft Auto V, Grand Theft Auto Online, the Red Dead Redemption series, and Zynga's in-app purchases. However, he acknowledged challenges such as softness in mobile advertising and NBA 2K24 sales, leading to a revised net bookings forecast of $5.25 to $5.3 billion for the year.

Looking ahead, Take-Two has announced plans for two mobile titles based on popular global IPs: Star Wars Hunters and Game of Thrones: Legends.

Source: adapted from an article by Aaron Astle, News Editor for PocketGamer.biz.