Earnings Results: Take-Two stock soars as outlook suggests ‘Grand Theft Auto VI’ is a little more than a year away

by | May 17, 2023 | Stock Market

Take-Two Interactive Software Inc. shares surged in the extended session Wednesday, after the videogame publisher’s weak outlook appeared to confirm a timeline for the next iteration of its blockbuster “Grand Theft Auto” videogame franchise. Take-Two 
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
is up 8%, and the Nasdaq Composite Index
is up 19% this year.

Take-Two — which publishes such videogame franchises as “Grand Theft Auto” and “Red Dead Redemption” under its RockStar Games label, and “Borderlands” and “NBA2K” under its 2K label — offered a disappointing forecast for the fiscal year that just began, but pointed to the next fiscal year as the launch point for “several groundbreaking titles.” That is expected to include “Grand Theft Auto VI,” the sequel to the most successful videogame of all time that gamers and investors have been anxious to see. For more: Wall Street wants to know when ‘GTA VI’ is going to drop, too. “Our 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,” said Strauss Zelnick, Take-Two’s 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. “We believe that we …

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