Take-Two Nudges Up FY27 Revenue Outlook, Holds $8 Billion Bookings Target as GTA VI Nears

TTWO reported net bookings of $1.60 billion for its fiscal second quarter ended September 30, down 18% from a year earlier and just under the $1.62 billion to $1.67 billion it had guided. GAAP net revenue was $1.50 billion and the GAAP net loss was $0.29 per share, both better than the company's own forecast, according to its earnings release. Zacks, which measures revenue as net bookings and uses its own adjusted EPS, scored the quarter as a 3.43% revenue miss and an EPS beat of $1.00 against $0.90.

The full-year picture moved in two directions. Take-Two raised its fiscal 2027 GAAP revenue outlook to $7.98 billion to $8.18 billion from $7.90 billion to $8.10 billion and lifted the low end of its EPS range to $0.57, the basis for Reuters reporting higher forecasts. Net bookings guidance, the measure investors watch most, stayed at $8.0 billion to $8.2 billion, and CEO Strauss Zelnick said there was "really no need to update" it yet. Third-quarter bookings guidance of $3.35 billion to $3.50 billion sits slightly below the roughly $3.51 billion analysts expected.

Grand Theft Auto VI is due on November 19, and Zelnick said pre-orders continue to reach unprecedented levels. Sensor Tower counted about 7.71 million digital pre-orders as of November 3, per Reuters. The Motley Fool argues the bookings target may prove conservative because it assumes little GTA VI revenue beyond the launch month, while noting the stock trades above 275 times the top of the EPS guidance.

Shares fell 3.5% to $207.40 in Monday's regular session before the report and rose about 4% in extended trading afterward. What to watch: GTA VI launch-week sales, whether Take-Two raises bookings guidance after launch as it has done in the past, and cash flow, after operations used $173.5 million in the first half.