Take-Two Interactive Software, Inc. (NASDAQ:TTWO) shares are trading lower premarket at last check Friday.
Yesterday, after the closing bell, the company released fourth-quarter financial results, where it gave an initial outlook for fiscal 2025, including net Bookings of $5.55 billion to $5.65 billion.
The company announced a release date of fall 2025 for the highly anticipated Grand Theft Auto VI video game, leading to a reduction in its bookings forecast for the current fiscal year, Bloomberg reported.
One year ago, Take-Two shares soared after the company forecasted bookings surpassing $8 billion for the year ahead. In February, the company revised its projection downward to "a little above $7 billion."
The adjusted forecast stems from a delayed release of a title by Take-Two's Rockstar Games division, initially slated for 2025, the report read. Grand Theft Auto VI, anticipated to be a top-grossing entertainment property, follows the record-breaking success of its predecessor, Grand Theft Auto V, which sold 200 million copies. Reports from late March suggested a delay in the release of Grand Theft Auto VI, Bloomberg added.
The company's fourth-quarter bookings decreased by 3% to $1.35 billion, as compared to $1.39 billion during last year's fiscal fourth quarter. Net Bookings from recurrent consumer spending decreased 2%, accounting for 79% of total Net Bookings.
Price Action: TTWO shares are trading lower by 2.45% to $142.50 premarket at last check Friday.
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