Pixel P&L: Nazara Technologies Reports Profit Growth in December Quarter

Welcome to another Pixel P&L edition. This issue takes 5 minutes to read. If you only have one, here are the 5 most important things:

• Nazara Technologies posts 10% revenue growth with EBITDA surging 29% — plus major investments in nCore and Rusk Media.

• Take-Two raises annual forecast, reiterates GTA VI launches November 19.

• AMD CEO confirms next-gen Xbox development on track for 2027 launch.

• Ubisoft Paris union reps demand CEO Yves Guillemot's resignation amid employee trust crisis.

• Take-Two's Strauss Zelnick says generative AI tools like Google's Genie are "not a game engine".

Let's get into it.

Nazara Technologies Reports 10% Revenue Growth in Q3, EBITDA Up 29%

Nazara Technologies reported a profit after tax of INR 8.84 crore for the quarter ended December 31, with revenue from operations at INR 406 crore. When adjusted for the deconsolidation of esports firm Nodwin Gaming, the diversified gaming and sports media company posted 9.8% year-on-year revenue growth and 2.8% profit growth for the quarter.

The company's operational performance strengthened during the period, with EBITDA climbing 29% to INR 67.8 crore from INR 52.4 crore in the year-ago quarter. Nazara also stated that its associate company NODWIN gaming delivered strong operational performance and profitability this quarter. 

"The quarter was driven by disciplined execution, improving operating efficiency, and multiple growth engines across new launches, live content expansion, and platform extensions," said founder Nitish Mittersain in a statement. He added that Nazara remains focused on disciplined capital allocation, including strategic acquisitions where the company's operating platform can accelerate scale and improve unit economics.

The company received board approval to invest INR 4.2 crore ($500,000) in nCore Games, developer of the FAU-G franchise, and INR 15 crore in mobile entertainment platform Rusk Media targeting Gen-Z audiences.

Take-Two Reiterates GTA VI Launch Date, Raises Annual Forecast on Strong Q3 Performance

Take-Two Interactive raised its fiscal 2026 bookings forecast to between $6.65 billion and $6.7 billion from a prior range of $6.4 billion to $6.5 billion, while reiterating that "Grand Theft Auto VI" will launch on November 19. The updated guidance comes as the videogame publisher reported third-quarter net bookings of $1.76 billion.

Shares rose over 5% in extended trading. The updated midpoint represents 18% growth versus fiscal 2025 and is about $725 million above the initial outlook provided in May 2025, CEO Strauss Zelnick said. Take-Two is benefiting from a rebound in mobile gaming, with titles such as "Match Factory!" and "Toon Blast" seeing growth after a post-pandemic slump.

The largest expected net bookings contributors include NBA 2K, the Grand Theft Auto series, Toon Blast, Match Factory, and Borderlands, with the mix by label projected at roughly 46% Zynga, 38% 2K, and 16% Rockstar Games.

Looking ahead, Zelnick said fiscal 2027 "promises to be groundbreaking," led by GTA VI's November release, with Rockstar's launch marketing set to begin in the summer.

⚡️Quick Bytes

AMD Hints at 2027 Xbox Launch in Earnings Call

AMD CEO Lisa Su said the company's development of Microsoft's next-generation Xbox system-on-chip is "progressing well to support a launch in 2027.” While the comment doesn't confirm a release date, it suggests Microsoft could be ready to launch soon. Xbox president Sarah Bond previously described the next console as "a very premium, very high-end curated experience."

Ubisoft Union Reps Call for Resignation of CEO Yves Guillemot

Two Ubisoft Paris union representatives called for CEO Yves Guillemot's resignation, saying it's impossible to rebuild employee trust while he remains in power. Marc Rutschlé and Chakib Mataoui told Game Developer that workers feel betrayed following studio closures, game cancellations, and a five-day return-to-office mandate. Internal messages showed widespread shock and condemnation of management's decisions.

Take-Two CEO Says Generative AI 'Not a Game Engine,' Embraces Technology for Efficiency

Take-Two CEO Strauss Zelnick said the company is "actively embracing" generative AI with "hundreds of pilots and implementations" to drive efficiencies and reduce costs. He framed AI as allowing "mundane tasks to become easier and less relevant," freeing creators for more interesting work. However, Zelnick dismissed tools like Google's "Genie" as "not a game engine," calling them closer to "procedurally generated interactive video."

⚔️Side Quest

🤣Laugh:

📺 Watch: Susannah Friesen diagnoses why scrolling your Steam library feels more exhausting than playing anything in it. She connects choice paralysis, dopamine engineering, and the industry's $200 billion extraction model to explain gamer burnout without villainizing the hobby.

🎮 Play: Cult of the Lamb balances roguelike dungeon crawling with settlement management so well you'll lose weeks without noticing. The combat flows smoothly, the base-building stays engaging, and you'll genuinely care about your followers—until late game reveals the interaction limits. Post-60% completion turns grindy, but the charm and developer care make it worth the soul-selling price. Just don't expect infinite depth beyond the endearing surface.

📚 Read: Inner Spiral’s Alli dissects why AAA gaming feels stuck in 2004 with Resident Evil 4 remakes, Silent Hill revivals, endless Final Fantasy VII content. The author argues nostalgia isn't creative bankruptcy but calculated risk mitigation: selling you your childhood is cheaper than inventing new memories. The real cost? We're eating seed corn, strip-mining the golden age without planting tomorrow's classics.

💡Did You Know

Marlon Brando's final performance wasn't in a film but in EA's 2006 video game "The Godfather." The legendary actor, reprising his iconic Don Vito Corleone role, recorded his lines while gravely ill. Most recordings proved unusable because Brando could barely speak, his voice weakened by sickness. The studio microphones continuously picked up his oxygen machine's mechanical hum, creating technical nightmares for EA's audio team. Despite these challenges, fragments of his work made it into the final game, preserving one last glimpse of Hollywood's most influential actor. Brando died in July 2004, two years before the game's release, making these recordings a poignant farewell from cinema's greatest talent.

📜 Quote of the Day

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