Take-Two Interactive Software Inc (NASDAQ:TTWO) shares moved higher on Thursday as investors – and video game fans – salivated at the prospect of the release of a new “Grand Theft Auto” game.
The news came as a relief to shareholders after the game maker reported a weaker outlook for the current fiscal year in its latest earnings release.
The company expects fiscal 2024 net bookings between $5.45 billion and $5.55 billion, which is below consensus expectations of $6.11 billion, according to FactSet.
However, the company indicated that the next fiscal year would mark the launch of "several groundbreaking titles," hinting at the release of “Grand Theft Auto VI."
Take-Two's fiscal fourth quarter ended March 31, 2023, showed a loss of $610.3 million, or $3.62 per share, compared to net income of $110.9 million, or $0.95 per share, in the same period last year.
Total net revenue increased to $1.45 billion from $930 million, with net bookings reaching $1.4 billion.
Analysts had anticipated an unadjusted loss of $1.22 per share on revenue of $1.35 billion and net bookings of $1.34 billion.
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