Key Takeaways:
- Q1 net bookings fell 3% to $1.39B, slightly above guidance
- GAAP net loss widened to $34.1M on $43.4M impairment charge
- FY2027 bookings guidance reiterated at $8.0-$8.2B ahead of GTA VI
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Take-Two posts $1.39B bookings, reiterates $8B GTA VI outlook
Take-Two Interactive reported fiscal Q1 net bookings of $1.39 billion, down 3 percent year over year, slightly above its guidance range.
"Our excellent first quarter results reflect the power of our portfolio and disciplined execution across all of our labels," Strauss Zelnick, chairman and CEO of Take-Two, said.
GAAP net revenue rose 2 percent to $1.53 billion from $1.50 billion a year earlier. The company posted a net loss of $34.1 million, or 18 cents per share, versus a loss of $11.9 million, or 7 cents per share, in the prior-year quarter. Cost of revenue included a $43.4 million impairment charge tied to the cancellation of an unannounced title from a third-party developer. Recurrent consumer spending accounted for 84 percent of total net bookings, down 1 percent year over year.
The company reiterated fiscal 2027 net bookings guidance of $8.0 billion to $8.2 billion, implying roughly 27 to 31 percent growth, powered by the Nov. 19 launch of Grand Theft Auto VI on PlayStation 5 and Xbox Series X|S. Pre-orders for the title opened June 25, with standard editions at $79.99 and Ultimate Edition at $99.99.
Mobile remained the largest platform, contributing $739.5 million, or 53 percent of net bookings, down from $792.8 million a year earlier. Console bookings rose to $525.2 million from $474.4 million, while PC and other fell to $121.2 million from $155.9 million. Digital channels accounted for 99 percent of total net bookings.
Top contributors to bookings included NBA 2K, the Grand Theft Auto series, Toon Blast, Match Factory!, Empires & Puzzles, Red Dead Redemption, Words With Friends, Color Block Jam, WWE 2K, Zynga Poker, and Toy Blast.
For the fiscal second quarter ending Sept. 30, Take-Two guided net bookings of $1.62 billion to $1.67 billion, with a GAAP net loss per share of 84 cents to 75 cents. The company expects fiscal 2027 operating cash flow above $1 billion and capital expenditures of approximately $290 million.
Non-GAAP EBITDA for the quarter was $167.0 million, down from $225.5 million a year earlier. The company's management reporting tax rate is anticipated at 18 percent.
NBA 2K27 launches Sept. 4 on PS5, Xbox Series X|S, Switch 2, and PC, featuring cover stars Victor Wembanyama and Caitlin Clark. The pipeline also includes PGA TOUR 2K27, WWE 2K27, Judas from Ghost Story Games, and the next BioShock iteration.
Analysts have been broadly bullish on the stock. Wedbush expects Take-Two to land at the upper end of its own guidance range, while BTIG reaffirmed a $293 price target. The broader analyst community has set targets ranging from $280 to $368, averaging $294.44.
The reiterated guidance shows management expects GTA VI to drive a step-change in revenue during the holiday quarter. Investors will watch the Nov. 19 launch and subsequent pre-order disclosures for confirmation that the $8.0 billion to $8.2 billion target is achievable.
This article is for informational purposes only and does not constitute investment advice.
[1] Take-Two's Earnings and Bookings Guidance Shows How World Awaits ‘Grand Theft Auto VI'[2] Grand Theft Auto VI set for Nov. 19 as Take-Two repeats $8.0B-$8.2B outlook[3] Take-Two's Pre-Market Earnings Call Sets Up a High- ...[4] Take-Two Set to Report Q1 Earnings: What's in the Cards for the Stock?
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