Grand Theft Auto Maker Take-Two Reports Soft Q3 Results, Lowers 2024 Forecast

Take-Two Interactive Software, Inc. TTWO reported third-quarter financial results after the bell on Thursday. Here's a look at the report.

Take-Two Interactive Software reported quarterly total net bookings of $1.34 billion, down 3% year-over-year. Take-Two said net bookings from recurrent consumer spending decreased by 7%, accounting for 75% of total net bookings.

The largest contributors to Net Bookings were NBA 2K24, Grand Theft Auto Online and Grand Theft Auto V, Toon Blast, Empires & Puzzles, our hyper-casual mobile portfolio, Red Dead Redemption 2 and Red Dead Online, Words With Friends, Grand Theft Auto: The Trilogy – The Definitive Edition, and Merge Dragons!.

The company reported GAAP net revenue of $1.37 billion, also down by 3%, and a GAAP loss per share of 54 cents.

Take-Two also revised its 2024 net bookings forecast to $5.25 billion and $5.3 billion, down from $5.45 billion and $5.55 billion prior.

"We achieved solid third quarter results, including net bookings of $1.3 billion. Grand Theft Auto V and Grand Theft Auto Online, the Red Dead Redemption series, and Zynga's in-app purchases, led by Toon Blast, exceeded our expectations, as we launched engaging new content, partnerships, and activations. This was partially offset by some softness in mobile advertising and sales for NBA 2K24," said Strauss Zelnick, CEO of Take-Two.

"We are reducing our outlook for the year to reflect these factors, as well as a planned release moving out of the fourth quarter, and increased marketing for Zynga's new hit mobile game, Match Factory!, which we believe will enable us to scale the title meaningfully," added Zelnick.

Related News: British Chipmaker Arm Holdings Stock Skyrockets After Q3 Performance – Here's Why

TTWO Price Action: According to Benzinga Pro, Take-Two Interactive Software shares are trading down 6.54% after-hours at $158.50 at the time of publication.

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