Take-Two Interactive Software Inc (NASDAQ:TTWO) reported first-quarter revenue of $1.53 billion, topping analyst estimates of $1.41 billion, as the video game publisher prepares for the November 19 launch of "Grand Theft Auto VI."
Net bookings for the quarter came in at $1.39 billion, down 3% from a year earlier, while adjusted EBITDA of $167 million beat expectations of $155 million.
Recurrent consumer spending, a closely watched metric that captures ongoing revenue from live-service games, rose 3% year-over-year to $1.29 billion.
Take-Two reiterated its full-year net bookings outlook of $8 billion to $8.2 billion for fiscal 2027. The company's broader guidance for the year fell short of Wall Street expectations, with revenue projected at $7.9 billion to $8.1 billion, below the $8.51 billion analysts had forecast.
Net income guidance of $104 million to $143 million also came in well under the $1.29 billion estimate, and EBITDA guidance of $993 million to $1.05 billion trailed the $1.69 billion consensus.
For the second quarter, Take-Two guided revenue of $1.42 billion to $1.47 billion, versus estimates of $1.72 billion, and EBITDA of negative $20 million to positive $4 million, compared with expectations of $238 million.
Shares of Take-Two were up 1.6% at the open.