Take-Two Interactive Software Inc. raised its fiscal 2020 outlook after the company reported a 39% year-over-year increase in net revenue for its fiscal first quarter ended June 30.

The company's quarterly revenue increased to $540.5 million from $388.0 million a year ago. Recurrent consumer spending increased 31% and accounted for 58% of total net revenue, the company said Aug. 5. Digitally delivered net revenue grew 36% to $427.8 million, compared to $315.0 million in last year's fiscal first quarter.

First-quarter net income came to $46.3 million, or 41 cents per share, compared to $71.7 million, or 62 cents per share, in the year-earlier quarter. The S&P Global Market Intelligence EPS estimate for the just-ended quarter was 4 cents on a normalized basis and 79 cents on a GAAP basis.

Looking ahead, Take-Two now expects fiscal second-quarter 2020 GAAP net revenue to range between $855 million and $905 million and GAAP net income to range between $118 million, or $1.04 per share, and $130 million, or $1.14 per share. Net bookings for the quarter are expected to land between $860 million and $910 million.

For its fiscal year 2020, the company now expects its GAAP net revenue to range between $2.83 billion and $2.93 billion and GAAP net income to range between $425 million, or $3.71 per share, and $454 million, or $3.96 per share. Net bookings for fiscal year 2020 are expected to land between $2.6 billion and $2.7 billion.