Take-Two tumbles as Grand Theft Auto VI gameplay leaked onto internet: report

Player Tries To Master The Newly Released Grand Theft Auto IV

Cate Gillon/Getty Images News

Take-Two Interactive (NASDAQ:TTWO) shares tumbled on Monday after Bloomberg reported over the weekend that a hacker had released authentic, pre-release footage of the company’s highly anticipated Grand Theft Auto VI video game.

The leak is so extensive and so large that some people doubted whether it was real, but the videos posted are indeed real, the news outlet noted, citing people familiar with the game’s development.

The hacker also posted a message that Take-Two (TTWO) or Rockstar Games, the studio that produces the Grand Theft Auto line of games, should contact them to “negotiate a deal.”

Take-Two (TTWO), the parent company of Rockstar Games, fell nearly 6% to $117.01 in premarket trading.

In addition to producing Grand Theft Auto, Take-Two (TTWO) owns studios that develop other video games such as BioShock, Borderlands, NBA 2K and more.

Last month, Take-Two (TTWO) issued a forecast for its second-quarter, stating that bookings would be between $1.5B and $1.55B, below the consensus estimates for $1.73B. The company also said it expects to lose between 86 cents and 96 cents a share, on revenue in a range of $1.37B to $1.42B for the period.

For its 2023 fiscal year, Take-Two (TTWO) said bookings would be between $5.8B and $5.9B, while analysts had forecast $6.4B in bookings.

The lower-than-expected outlook resulted in Deutsche Bank downgrading the video game company, noting the lack of a “material catalyst” to move the stock higher.

Earlier this month, Take-Two (TTWO) released its annual version of NBA2K, NBA2K23, worldwide.

================

Source link

Leave a Reply