Summary by Moomoo AI
Take-Two Interactive Software, Inc. (Take-Two) reported a decrease in net revenue for the three months ended December 31, 2023, with a 2.9% drop compared to the same period in the previous year. The company's net revenue was $1,366.3 million, down from $1,407.8 million. The cost of revenue saw a slight decrease of 0.5%, resulting in a gross profit of $678.1 million, a 5.3% decrease from the prior year's $715.9 million. Selling and marketing expenses decreased by 17.7%, while research and development expenses saw a minor decrease of 2.4%. General and administrative expenses also decreased by 2.3%. The company recorded impairment charges of $53.4 million for the quarter and $273.1 million for the nine months due to reduced forecasted performance of certain games. The company completed an add-on offering of...Show More