Take-Two Interactive Q2 Bookings Drop 4% to $1.44B, Forecasts Downbeat Q3 Bookings, Maintains Full-Year Guidance as Grand Theft Auto VI Trailer Teased for December Release

Despite lower Q2 bookings and a lackluster Q3 forecast, Take-Two Interactive's stock sees uplift with announcement of upcoming Grand Theft Auto VI trailer, expected to boost sales with its highly-anticipated release; company remains optimistic of multi-year growth trajectory and reaffirms yearly bookings guidance.

Take-Two Interactive reported on Wednesday, November 8, that Q2 net bookings dropped 4% to $1.44 billion, compared to the same period a year ago, due to lower spending on the company's successful gaming titles such as 'Grand Theft Auto' and 'Red Dead Redemption'.
Despite the drop in Q2 bookings, Take-Two's stock rallied after the announcement of the upcoming Grand Theft Auto VI trailer, which is due to debut in early December.
The company remains positive about its multi-year growth trajectory and reaffirmed its yearly bookings guidance of $5.45 to $5.55 billion, despite acknowledging continued macroeconomic uncertainty.
Take-Two also took 'impairment charges' against goodwill and other investments that totaled $385.1 million for one of its labels in Q2, although CEO Strauss Zelnick did not provide additional details about this action.
For Q3, the company expects net revenue of $1.29 billion to $1.34 billion, and a net loss of $124 million to $107 million, with net bookings expected to be within the range of $1.3 billion to $1.35 billion.