Analyst Note
| Neil Macker, CFA |Take-Two ended its fiscal 2020 on a strong note as fourth-quarter revenue and EBITDA beat FactSet consensus expectations. Results continue to be driven by NBA 2K, Red Dead Redemption 2, Borderlands 3, and of course, GTA V. The company issued weaker-than-expected guidance for fiscal 2021 with revenue declining as the company will not release any new major, nonannualized titles in the coming year. Take-Two has seen some benefit from the coronavirus pandemic as gamers have increased their playing time but management expects the benefit to be short-term in nature.