The news was announced on Thursday, when Take-Two Interactive, parent company of Rockstar, presented its fourth quarter and full fiscal year 2024 results, revealing that the company recorded losses of 2.9 billion dollars in the period between January 1 and March 31.
The company claims that the fourth fiscal quarter losses of 2.9 billion dollars include a charge of 2.18 billion dollars for goodwill, 304.3 million dollars for acquisition-related expenses, and 93.3 million dollars for restructuring costs.
Do losses jeopardize the big and upcoming release of Grand Theft Auto VI? Obviously not, quite the opposite. All the money that Take-Two has lost this quarter, they expect to earn it next year when they release GTA 6, the most anticipated game of the decade.
GTA 6 could change everything at Rockstar and Take-Two: they expect to sell over 100 million copies
The trailer for the highly anticipated Grand Theft Auto VI broke audience records on YouTube when it was released in December, indicating the extreme demand for the title after more than a decade since the release of “GTA V”.
Take-Two CEO also addressed the recent layoffs in the company -and in the entire video game industry in general- and stated that he does not foresee any further cuts.
Zelnick states that he expects Take-Two to close its acquisition of Gearbox “relatively soon,” which will mean that the developer of “Borderlands” and “Tiny Tina’s Wonderland” will join 2K, the publisher of the franchises. He also anticipates sequential revenue growth for Take-Two in fiscal years 2025, 2026, and 2027.
For the full fiscal year of 2024, which includes the results from April 1, 2023, to March 31, 2024, Take-Two reported total revenues of $5.35 billion and net losses of $3.7 billion.
Take-Two projects net revenues of between $5.550 and $5.650 billion for its fiscal year 2025, which covers the period from April 1, 2024 to March 31, 2025, and a net loss of between $674 and $606 million.
Grand Theft Auto VI will be released during Take-Two’s fiscal year 2026, which means that the company is not attributing any of the estimated revenues for fiscal year 2025 to the upcoming game release.
