US publisher Take-Two Interactive has seen its profits rise by 116 per cent during the first three months of the year.
This information was revealed via the company's fiscal year financial results and Q4 earnings that ended on March 31st, 2020.
Net revenue for the full fiscal year reached $3.09 billion, up 15.7 per cent ($2.67 billion) over the last 12 months. The company's fourth-quarter earned $761 million, nearly 42 per cent jump from the $536 million year-over-year.
When it comes to net income, Take-Two earned an impressive $404 million for the full period, up 21 per cent year-over-year. However, the firm's Q4 period is where income rocketed particularly, bringing in $123 million to represent a 116 per cent jump.
In-game spending was also confirmed to have seen an increase of 34 per cent year-over-year.
"Stay connected"
"There is no doubt that our recent results have benefited from people sheltering at home as players have sought interactive entertainment to stay connected and engaged with friends and family," said Take-Two CEO Strauss Zelnick in an earnings call with investors.
"The connections and communities built will remain in place once people resume their normal activities and should continue to benefit our industry's results. We're fortunate to work in an industry that can bring some positivity in a difficult time."
Take-Two reiterated the publisher's plans to donate five per cent of net bookings (minus platform fees) to a number of Covid-19 characters worldwide.
Zelnick recently stated that the Covid-19 coronavirus outbreak might lead to more companies having their employees working from home in a long-term capacity.
