Take-Two Interactive (TTWO) Stock Dips After Q1 Earnings as GTA VI Hype Builds

TLDR

• Q1 net bookings came in at $1.39 billion, down 3% year-over-year but above analyst estimates of $1.37 billion
• Total net revenue rose 2% to $1.53 billion, beating the $1.49 billion consensus
• Full-year FY2027 net bookings guidance reiterated at $8.0–$8.2 billion, well below Wall Street’s $8.62 billion expectation
• Console net bookings jumped 11% to $525.2 million; mobile fell 7% to $739.5 million
• Grand Theft Auto VI is set for a November 19 launch, with pre-orders open since June 25

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Take-Two Interactive stock slipped around 2% after the company posted Q1 results that beat top-line estimates but came with guidance that fell short of what Wall Street was hoping for.

Take-Two Interactive Software, Inc., TTWO

For the quarter ended June 30, net bookings reached $1.39 billion, down 3% year-over-year but ahead of analyst estimates. Total net revenue climbed 2% to $1.53 billion, also beating expectations. The stock was trading around $233 in premarket Friday, after closing down 1% Thursday. TTWO is down roughly 9% year-to-date.

The net loss for the quarter was $34.1 million, or 18 cents per share. That was a narrower loss than the 20-cent consensus estimate. Results included a $43.4 million impairment charge tied to the cancellation of an unannounced title.

TAKE-TWO $TTWO Q1’27 EARNINGS HIGHLIGHTS

🔹 Revenue: $1.53B (Est. $1.41B) 🟢; +2% YoY
🔹 Net Bookings: $1.39B; -3% YoY
🔹 EBITDA: $167.0M (Est. $155M) 🟢

FY27 Guide:
🔹 Revenue: $7.9B-$8.1B (Est. $8.51B) 🔴
🔹 Net Income: $104M-$143M (Est. $1.29B) 🔴
🔹 EBITDA: $993M-$1.05B… pic.twitter.com/YxQIBqmA9H

— Wall St Engine (@wallstengine) August 7, 2026

Adjusted EBITDA dropped 26% year-over-year to $167 million.

Recurrent consumer spending, which covers microtransactions, DLC, and in-game purchases, dipped 1% year-over-year. It still made up 84% of total net bookings. Key contributors included NBA 2K, Grand Theft Auto Online, Toon Blast, Match Factory, and Empires and Puzzles.

Console Strength, Mobile Weakness

Console net bookings jumped 11% to $525.2 million, ahead of the $480.2 million estimate. Mobile was the weak spot, falling 7% to $739.5 million and missing the $763.4 million estimate by more than $20 million.

The split between platforms tells a clear story. Console momentum is building ahead of GTA VI, while mobile continues to drag.

GTA VI in Focus

The elephant in the room is Grand Theft Auto VI, scheduled for November 19. Pre-orders opened June 25. GTA V has sold over 200 million copies since 2013 and continues to generate steady revenue through GTA Online, so expectations for the sequel are sky-high.

CEO Strauss Zelnick said the Q1 results reflect disciplined execution across the company’s labels and pointed to the November launch as a key upcoming milestone.

For Q2, Take-Two guided net bookings of $1.62 billion to $1.67 billion. The midpoint of $1.645 billion came in well below the $1.79 billion analyst consensus.

Full-year FY2027 net bookings guidance was reiterated at $8.0 to $8.2 billion. Analysts had been expecting closer to $8.62 billion.

The gap between guidance and consensus is wide, but Take-Two has a track record of conservative forecasting ahead of major launches. Management typically waits for launch sales to come in before revising upward.

Pre-orders for GTA VI have been open for roughly six weeks, and the November 19 release date remains on track.