Take-Two projects weaker quarterly bookings as GTA VI demand faces scrutiny
Take-Two Interactive is guiding for third-quarter bookings below Wall Street expectations as investors focus on whether "Grand Theft Auto VI" can deliver the growth baked into the videogame publisher's outlook. The forecast comes even as the company keeps its full-year bookings target unchanged and prepares for the title's planned November 19 release.
Highlights
- Take-Two projects current-quarter bookings of $3.35 billion to $3.50 billion, trailing LSEG consensus estimate of $3.51 billion, raising concerns over 'GTA VI' demand.
- 'GTA VI' pre-orders reached 7.71 million and generated over $750 million in gross revenue as of November 3, yet annual bookings guidance held at $8 billion to $8.20 billion.
- Take-Two shares fell about 4% after quarterly guidance and second-quarter bookings dropped 18% to $1.60 billion, missing the $1.67 billion analyst estimate.
Quarterly outlook and release expectations
As reported by Reuters, Take-Two expects bookings in the current fiscal quarter to be between $3.35 billion and $3.50 billion, below analysts' average estimate of $3.51 billion compiled by LSEG. The guidance raises fresh questions about near-term demand momentum for "GTA VI", which analysts have been counting on to drive a sharp rise in bookings and revenue over the next few quarters.The company has been relying on the title as a major earnings driver after a roughly 13-year gap since the previous installment. Take-Two began taking pre-orders for the game in June after several delays, and the title is set to reach players on November 19.
Sensor Tower data show "GTA VI" has about 7.71 million digital pre-orders worldwide as of Nov. 3, implying estimated gross revenue of more than $750 million. Even so, Take-Two maintained its annual bookings forecast of $8 billion to $8.20 billion, signaling that management is still standing by its broader fiscal-year expectations.
Market reaction and second-quarter performance
Investors reacted negatively to the outlook, with Take-Two shares falling about 4% in extended trading. The stock is already down more than 17% so far this year, reflecting pressure on expectations ahead of the company's biggest upcoming release.For the second quarter ended September 30, total bookings fell 18% to $1.60 billion. That result missed analysts' estimates of $1.67 billion, adding to concerns over the publisher's ability to meet elevated market expectations before "GTA VI" begins contributing at full scale.
Earlier, we reported that Janus Henderson and Centrifuge launched JQQQ, a blockchain-native fund offering digital access to the Nasdaq-100 Index.
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