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Take-Two Interactive
reported adjusted revenue that met expectations and reiterated its full-year bookings guidance. But the attention of investors and gamers was more fixated on details about the videogame publisher’s next Grand Theft Auto title.
Take-Two (ticker: TTWO) reported fiscal second quarter adjusted revenue—or net bookings—of $1.44 billion versus the Wall Street consensus of $1.43 billion, according to FactSet. The game publisher also posted adjusted earnings per share of $1.22 for the September quarter, above the average analyst estimate of $1.03.
For its December quarter, Take-Two gave an adjusted revenue guidance range of $1.3 billion to $1.35 billion versus the $1.43 billion average analyst estimate. The company also reiterated its full fiscal year adjusted revenue guidance range of $5.45 billion to $5.55 billion.
“Looking ahead, I am optimistic about our Company’s multi-year growth trajectory and our ability to deliver long-term value for our shareholders,” Strauss Zelnick, Take-Two’s CEO, said. “Our development pipeline is robust and diverse, and we are getting closer to delivering the groundbreaking titles that our audiences throughout the world have been anticipating.”
Take-Two shares were up about 4.6% to $150 in after-hours trading on Wednesday.
Earlier in the day, Rockstar Games, a studio of Take-Two, posted on social media that it plans to release the first marketing trailer for the next GTA game in early December. The studio had revealed the game was under active development in February 2022.
During a phone interview, Barron’s asked Zelnick what the level of excitement was internally for the next installment in the franchise. He said it was extraordinary and the title was highly anticipated by gamers.
The executive also said the economic environment for mobile game advertising was “still challenging” but he was optimistic about the market going forward.
When asked about his thoughts about game subscription services like
Microsoft’s
Game Pass, he said they were fine for older catalog titles but they didn’t make “economic sense” for large AAA games.
Write to Tae Kim at [email protected]
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