Take-Two Interactive Forecasts Third-Quarter Net Bookings Below Expectations

TTWO stock

Take-Two Interactive (NASDAQ:TTWO) Software has provided a third-quarter net bookings forecast that falls short of market expectations, primarily due to reduced spending on the company’s gaming titles like “Grand Theft Auto” and “Red Dead Redemption.”

The company anticipates net bookings to range between $1.30 billion and $1.35 billion, in contrast to the estimated $1.44 billion, as reported by LSEG data. This outlook stands in contrast to the strong performances of companies such as Electronic Arts and Roblox, which have seen increased spending in their respective domains.

Nonetheless, there is an air of optimism among investors regarding the impending launch of Take-Two’s “Grand Theft Auto VI,” the latest installment in the celebrated franchise. The trailer for “Grand Theft Auto VI,” set to be released in early December, marks over a decade since the previous title in the series and coincides with the 25th anniversary of Rockstar Games, a division of Take-Two responsible for the game.

In the second quarter, Take-Two reported adjusted earnings of $1.22 per share, surpassing the estimated $1.03 per share. This positive financial performance prompted a roughly 2.5% increase in the company’s shares during extended trading.

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