The company also cancelled 'several' unannounced projects as part of an ongoing cost reduction program.
Grand Theft Auto maker Take-Two Interactive has narrowed the release window for GTA VI to Fall 2025 and reiterated its belief the title will be an "unparalleled entertainment experience."
The company shared the news in its fiscal report for the year ended March 31, 2024, where it revealed that annual net bookings increased by 1 percent to $5.33 billion and GAAP net revenue remained flat at $5.35 billion.
Breaking down those figures, Take-Two said net bookings from recurrent consumer spending increased by 2 percent year-on-year and accounted for 78 percent of total net bookings. The largest contributors were NBA 2K24, Grand Theft Auto Online and Grand Theft Auto V, Toon Blast, Empires & Puzzles, Red Dead Redemption 2 and Read Dead Online, Words With Friends, and Merge Dragons!.
Notably, the U.S. company also recorded a GAAP net loss of $3.74 billion last year. It said that figure resulted from impairment charges of $2.34 billion related to goodwill and $577.4 million for acquisition-related intangible assets, and business reorganization expenses of $104.6 million related to cost-reduction programs.
The company recently purchased Borderlands developer Gearbox from Embracer for $460 million. Shortly after, it announced plans to reduce its headcount by 5 percent to "identify efficiencies across its business." Those cuts are part of an ongoing cost reduction program that could eventually cost the company up to $200 million.
Take-Two CEO Strauss Zelnick believes the firm is entering fiscal 2025 with "positive momentum" and expects it to deliver net bookings ranging from $5.55 to $5.65 billion over the next year.
"Our outlook reflects a narrowing of Rockstar Games' previously established window of Calendar 2025 to Fall of Calendar 2025 for Grand Theft Auto VI. We are highly confident that Rockstar Games will deliver an unparalleled entertainment experience, and our expectations for the commercial impact of the title continue to increase," said Zelnick.
"Looking ahead, we believe that our company is poised to achieve new levels of success, and we expect to deliver sequential growth in Net Bookings for Fiscal 2025, 2026, and 2027. As we deliver our pipeline, we are confident that we will drive our scale, enhance our margins, and deliver industry-leading returns for our shareholders."
In a separate earnings call, Zelnick noted Take-Two has cancelled "several titles" so it can focus on franchises that will provide the "best opportunities to achieve significant critical and commercial success." As it stands, Take-Two intends to release 40 titles through Fiscal 2027.
"We believe that the many opportunities ahead of us will deliver a period of meaningful long-term growth, margin expansion, and shareholder returns," finished Zelnick.
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