{"id":10315,"date":"2023-05-18T06:13:47","date_gmt":"2023-05-18T10:13:47","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/take-two-stock-soars-as-outlook-suggests-grand-theft-auto-vi-is-a-little-more-than-a-year-away\/"},"modified":"2023-05-18T06:13:50","modified_gmt":"2023-05-18T10:13:50","slug":"take-two-stock-soars-as-outlook-suggests-grand-theft-auto-vi-is-a-little-more-than-a-year-away","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10315","title":{"rendered":"Take-Two stock soars as outlook suggests \u2018Grand Theft Auto VI\u2019 is a little more than a year away"},"content":{"rendered":"
\n

Take-Two Interactive Software Inc. shares surged in the extended session Wednesday, after the videogame publisher\u2019s weak outlook appeared to confirm a timeline for the next iteration of its blockbuster \u201cGrand Theft Auto\u201d videogame franchise.<\/p>\n

Take-Two\u00a0
\n TTWO,
\n +0.78%<\/bg-quote>
\n shares rallied about 10% after hours, following a 0.8% gain to close the regular session at $125.02, for a 20% gain year to date. In comparison, the S&P 500 index
\n SPX,
\n +1.19%<\/bg-quote>
\n is up 8%, and the Nasdaq Composite Index
\n COMP,
\n +1.28%<\/bg-quote>
\n is up 19% this year. <\/p>\n

\n

Take-Two \u2014 which publishes such videogame franchises as \u201cGrand Theft Auto\u201d and \u201cRed Dead Redemption\u201d under its RockStar Games label, and \u201cBorderlands\u201d and \u201cNBA2K\u201d under its 2K label \u2014 offered a disappointing forecast for the fiscal year that just began, but pointed to the next fiscal year as the launch point for \u201cseveral groundbreaking titles.\u201d That is expected to include \u201cGrand Theft Auto VI,\u201d the sequel to the most successful videogame of all time that gamers and investors have been anxious to see.<\/p>\n

For more: Wall Street wants to know when \u2018GTA VI\u2019 is going to drop, too. <\/strong><\/p>\n

\u201cOur forecast reflects the challenging consumer backdrop, as well as an extension of the development timelines for several high-profile, long-awaited titles in our pipeline,\u201d said Strauss Zelnick, Take-Two\u2019s chairman and chief executive, in a statement. One analyst had forecast that weak guidance would embolden bulls to focus on the likely blockbuster season ahead. <\/p>\n

\u201cWe believe that we will enter our next phase of growth in fiscal 2025, as we plan to deliver several groundbreaking titles that we anticipate will set new standards of quality and success and enable us to deliver over $8 billion in net bookings and over $1 billion in adjusted unrestricted operating cash flow,\u201d Zelnick said.<\/p>\n

On the call with analysts, Zelnick said the investments the company has made, along with 12 titles expected out this year, and 36 others over the next two years, gave him the confidence to make an uncharacteristic, multi-year forecast. <\/p>\n

Going out to fiscal 2026, Take-Two said it plans to release 17 \u201cimmersive core\u201d games, or games the caliber of \u201cGTA\u201d or \u201cRDR\u201d or 2K\u2019s sports titles; and six \u201cnew iterations of previously released titles.\u201d Another 18 titles are slated for mobile launch, and four \u201cmid-core\u201d titles are expected out, like \u201cLEGO 2K Drive,\u201d which is launching Friday.<\/p>\n

Recently, Jefferies analyst Andrew Uerkwitz, who has a buy rating on Take-Two and a $165 target price, remarked \u201cthe best time to own videogame stocks\u201d is when publishers are about to exit their peak investment cycle, and start their release cycle.<\/p>\n

Take-Two forecast a loss of $1.05 to 95 cents a share on revenue of $1.21 billion to $1.26 billion and net bookings of $1.15 billion to $1.2 billion. For the first quarter, analysts expect an unadjusted loss of 19 cents a share on revenue of $1.42 billion and net bookings of $1.29 billion. <\/p>\n

For the year, Take-Two forecast a loss of $3.05 to $2.80 a share on revenue of $5.37 billion to $5.47 billion and net bookings of $5.45 billion to $5.55 billion. For fiscal 2024, the Street estimated an unadjusted loss of $1.45 a share on revenue of $6.1 billion and net bookings of $6.11 billion.<\/p>\n

For the fiscal fourth quarter, Take-Two\u00a0reported a loss of $610.3 million, or $3.62 a share, versus net income of $110.9 million, or 95 cents a share, in the year-ago period. Total net revenue rose to $1.45 billion from $930 million in the year-ago quarter, while net bookings came in at $1.4 billion. <\/p>\n

Analysts surveyed by FactSet estimate expected an unadjusted loss of $1.22 a share on revenue of $1.35 billion and net bookings of $1.34 billion. Take-Two had forecast a loss of $1.27 to $1.17 a share on revenue of $1.34 billion to $1.39 billion, and net bookings of $1.31 billion to $1.36 billion. <\/p>\n

Last quarter, Zelnick had told analysts on the conference call he took \u201cpersonal responsibility\u201d for having to cut the company\u2019s outlook at the time. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Take-Two Interactive Software Inc. shares surged in the extended session Wednesday, after the videogame publisher\u2019s weak outlook appeared to confirm a timeline for the next iteration of its blockbuster \u201cGrand Theft Auto\u201d videogame franchise. Take-Two\u00a0 TTWO, +0.78% shares rallied about 10% after hours, following a 0.8% gain to close the regular session at $125.02, for […]<\/p>\n","protected":false},"author":1,"featured_media":10316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-10315","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nTake-Two stock soars as outlook suggests \u2018Grand Theft Auto VI\u2019 is a little more than a year away | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Take-Two Interactive Software Inc. shares surged in the extended session Wednesday, after the videogame publisher\u2019s weak outlook appeared to confirm a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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