Take-Two Interactive expects sequential bookings growth in next two fiscals
2024.08.08 16:45
(Reuters) -Take-Two Interactive Software said on Thursday it expects to see sequential growth in its net bookings in fiscals 2026 and 2027, as the videogame publisher gears up for the launch of long-awaited “Grand Theft Auto VI” next year.
Shares of the New York-based company rose 5% in extended trading.
“Grand Theft Auto” is one of Take-Two (NASDAQ:)’s most popular properties, with the franchise having accumulated billions of dollars in revenue since its inception in the late-nineties.
The company in May had narrowed the release window for “Grand Theft Auto VI” to fall of 2025, setting the stage for the launch of the next installment of one of the most popular video game franchises in the world.
The company said in May it has around 40 titles in its pipeline through fiscal 2027.
Take-Two, however, forecast its second-quarter bookings below Wall Street expectations, as it navigates soft in-game spending on live-service titles amid a cost-of-living crisis and still-high inflation.
The company expects bookings to be between $1.42 billion and $1.47 billion for the second quarter, while analysts on average estimate $1.47 billion, according to LSEG data.
It reported first-quarter bookings of $1.22 billion, missing analysts’ estimate of $1.25 billion.
