In a recent turn of events, shares of Take-Two Interactive surged by 5 per cent on Wednesday, fueled by the long-anticipated confirmation of the forthcoming instalment in the Grand Theft Auto franchise. The company is poised to unveil its fiscal second-quarter 2024 earnings in the near future.
Rockstar Games President Sam Houser took to X, formerly known as Twitter, to break the news on Wednesday morning. He announced the release of "the first trailer for the next Grand Theft Auto" scheduled for early December, coinciding with the studio's 25th anniversary. Although the official title for the game remains undisclosed, fans have affectionately dubbed it as GTA VI or GTA 6.
Sources have hinted that Take-Two may make an official announcement later this week, potentially shedding light on the game's release date. The company has hinted at a possible launch in 2024. In May, Take-Two unveiled its plan to usher in a new era of growth in fiscal 2025, commencing in April 2024, with the promise of delivering "several groundbreaking titles" aimed at setting new benchmarks in quality and success. Their ambitious goals include achieving over $8 billion in Net Bookings and over $1 billion in Adjusted Unrestricted Operating Cash Flow.
Notably, the last instalment in the series, GTA V, was announced in 2011 and released in 2013, remaining a fan favourite a decade later. "Grand Theft Auto V" is currently the second best-selling game in history based on units sold, trailing only behind Microsoft-subsidiary Mojang's Minecraft. The game is developed by Rockstar, a subsidiary of Take-Two, and Rockstar's various franchises, including Grand Theft Auto and Red Dead Redemption, have significantly contributed to Take-Two's share price growth and a market capitalisation of $23.16 billion.
Take-Two had previously signalled that the years beyond 2024 would be a "significant" period for the company. In a statement earlier this year, Take-Two CEO Strauss Zelnick expressed their belief that they were positioning the business for a substantial turning point in fiscal 2025.
The anticipation for the next Grand Theft Auto release has been a long-standing one, with GTA V receiving acclaim for its graphics and gameplay style. It continues to generate substantial ongoing revenue for Take-Two through its online platform.
In August, when Take-Two reported its fiscal 2024 first-quarter earnings, it showcased an impressive 20 per cent year-over-year growth in total net bookings, amounting to $1.20 billion. Notably, major contributors to this success were "Grand Theft Auto Online" and "Grand Theft Auto V."
Take-Two remained unavailable for immediate comment. As of now, Take-Two shares have risen by nearly 31 per cent year-to-date.