Take-Two banks on new games to boost bookings in next two fiscal years
Updates share movement, adds analyst comment in paragraph 6, details from conference call in paragraphs 10,12
By Zaheer Kachwala
Aug 8 (Reuters) -Take-Two Interactive Software TTWO.O said on Thursday it expects net bookings to grow in fiscal years 2026 and 2027, as the videogame publisher gears up for the launch of its long-awaited "Grand Theft Auto VI" next year.
Shares of the New York-based company rose more than 5% in extended trading.
"Grand Theft Auto" is one of Take-Two's most popular properties, with the franchise having accumulated billions of dollars in revenue since its inception in the late-nineties.
The company in May had narrowed the release window for "GTA VI" to fall of 2025, setting the stage for the launch of the next installment of one of the most popular video game franchises in the world.
It said "Grand Theft Auto V", one of the most profitable videogames ever, sold over 200 million units worldwide.
Wedbush Securities analyst Michael Pachter expects the growth in bookings over the next two fiscal years to come from "GTA VI".
Take-Two said in May it has around 40 titles in its development pipeline through fiscal 2027.
The company, however, forecast its second-quarter bookings below analysts' expectations, as it navigates soft in-game spending on live-service titles amid inflationary pressures.
It expects bookings to be between $1.42 billion and $1.47 billion for the second quarter, while analysts on average estimate $1.47 billion, according to LSEG data.
Take-Two said it saw a decline in recurrent consumer spending for "GTA Online" in the first quarter, signaling that after years of consistent growth, player engagement rates for the live-service title might be slowing down.
First-quarter bookings were at $1.22 billion, missing estimates of $1.25 billion.
The company also said it does not see any impact on titles in development from the ongoing videogame performers strike, echoing remarks from peer Electronic Arts EA.O last week.
Take-Two posted a surprise profit of 5 cents per share on an adjusted basis, versus estimates of a loss of 2 cents.
Reporting by Zaheer Kachwala in Bengaluru; Editing by Shilpi Majumdar
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