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12:00
Aug 07 ◎

TTWO FY2027 Q1 Watch

Take-Two Interactive Software, Inc. (TTWO) FY2027 Q1 Earnings Call

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Strauss Zelnick

Netflix has secured exclusive first-look rights to the GTA 6 extended look trailer, a major content acquisition that will drive subscriber engagement on the platform.

"This is the first of its kind partnership with Netflix. They're a great marketing partner for us and distribution partner, as you know."

NFLX WATCH

Strauss Zelnick

The collaboration with Tencent in the Chinese mobile gaming market is delivering strong user growth and profitability, highlighting a successful international partnership.

"NBA 2K All-Star, our mobile title in China in partnership with Tencent, surpassed 10 million registered users since launching last year and is yielding strong profit margins."

TCEHY WATCH

Karl Slatoff

The ongoing collaboration with Gearbox on the Borderlands franchise continues with new content drops, keeping the title engaged in the market.

"On July 30th, 2K and Gearbox launched Bounty Pack 4, Murders and Acquisitions for Borderlands 4, which includes a new story mission and cosmetic items."

GEAR WATCH

Karl Slatoff

Visual Concepts' internal studio is credited with the continued success of the NBA 2K franchise, which could affect its valuation and strategic importance.

"...the folks at Visual Concepts and 2K and their efforts to year upon year to innovate."

VCO WATCH

Lainie Goldstein

Zynga's performance is in line with expectations, with an anticipated 7% decline in mobile due to tough comps from Color Block Jam.

"Zynga performed in line with our expectations and we're pleased that many of our forever franchises continue to resonate with players."

ZNGA WATCH

Strauss Zelnick

Guidance is maintained despite strong momentum, framing FY27 as an inflection point driven by GTA VI and a robust pipeline, with a confident, forward-looking tone.

"We're reiterating our fiscal 2027 outlook for net bookings of $8 to $8.2 billion, which reflects both ongoing positive trends in our business and our high degree of confidence around the November 19th release of Grand Theft Auto VI."

TTWO WATCH

Strauss Zelnick

The GTA VI extended look trailer will debut on Netflix before other platforms, indicating a new trend in exclusive trailer distribution partnerships. — Streaming platforms may be willing to pay for exclusive content previews, creating new revenue streams for game publishers.

"I'm not prepared to tell you how it's going to go, but I feel really good about it. And of course, six hours after the initial launch on Netflix, it will be available on Rockstar Games channel on YouTube."

DIS WATCH

Lainie Goldstein

Despite the success of the GTA series, recurrent consumer spending (RCS) overall only grew 3%, with mobile declining 7% year-over-year. — This suggests a cooling in the mobile gaming market, which could affect rivals like Electronic Arts that rely on mobile RCS.

"Recurrent consumer spending declined 1% for the period, which was favorable to our guidance of a 3% decline and accounted for 84% of net bookings."

EA WATCH

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20:30
May 21 ◎

TTWO FY2026 Q4 Watch

Take-Two Interactive Software, Inc. (TTWO) FY2026 Q4 Earnings Call

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Strauss Zelnick

Apple's privacy framework (ATT) previously disrupted mobile ad attribution, but Take-Two says the industry has now adapted, suggesting the negative impact has largely passed.

"And of course, it's not lost on anyone that after Apple changed their attribution characteristics, the entire industry was challenged. But you can see from our own results with Zynga last year that we have surmounted those challenges..."

AAPL WATCH

Lainey Goldstein

Porting PGA Tour 2K25 to Switch 2 suggests Take-Two is actively supporting the new platform, reflecting confidence in its install base growth.

"During the quarter, we launched Sid Meier Civilization VII for Apple Arcade, BGA Tour 2K25 for Switch 2, and WWE 2K26."

NTDOY WATCH

Strauss Zelnick

The strong performance of WWE 2K26, a collaborative product with TKO, confirms the franchise's commercial viability and the importance of this partnership.

"I'd like to thank Nick Kahn and his team at TKO for their unwavering support and partnership as we continue to evolve this series further for fans of the game."

TKO WATCH

Strauss Zelnick

The extended collaboration with the NBA is critical for NBA 2K's ongoing success, with the college expansion indicating a broader partnership potential.

"I'd like to thank our partners at the NBA and the NBA Players Association for their continued engagement and support in our collective mission."

NBA WATCH

Lainey Goldstein

Management's guidance for fiscal 2027 is highly optimistic, driven by the monumental GTA 6 launch, with expectations of a new, sustained level of operating performance and over $1 billion in operating cash flow.

"We project net bookings to range from $8 billion to $8.2 billion, which reflects approximately 20% growth over fiscal 2026, primarily due to the launch of Grand Theft Auto 6."

TTWO WATCH

Lainey Goldstein

Management attributes NBA 2K26's Q4 softness to a timing shift in high-engagement player spending into Q2/Q3, suggesting the monetization curve for the franchise is front-loaded earlier in its lifecycle. — This suggests that as sports titles mature, their recurring revenue streams may become more concentrated at launch, informing expectations for compeeting sports franchises.

"This reflects the extreme growth of Q2 and Q3, where we saw a high concentration of spending from our most engaged players early in the year, which left less upside opportunity heading into Q4."

EA WATCH

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21:30
Feb 03 ◎

TTWO FY2026 Q3 Watch

Take-Two Interactive Software, Inc. (TTWO) FY2026 Q3 Earnings Call

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Karl Slatoff

Direct-to-consumer mobile sales delivered its strongest quarter on record, and management explicitly calls out an improving regulatory environment reducing app store take rates, which will drop to the bottom line. — Confirms the structural shift in app store economics; lower take rates are a direct margin tailwind for all mobile game publishers, pressuring the app store operators' service revenue growth.

"Genie is not a game engine. And I would it's very exciting technology"

GOOGL WATCH

Strauss Zelnick

"Color Block Jam remains Rollick's all-time top performing title and was featured in Apple's 2025 free games list"

AAPL WATCH

Lainie Goldstein

Management raised full-year net bookings guidance again, citing broad-based strength across NBA 2K, GTA Online, and mobile. The tone is highly confident heading into the GTA 6 launch, guiding to record bookings in FY2027.

"We are raising our operating cash flow forecast to approximately $450 million, which is up from our prior expectation of $250 million"

TTWO WATCH

HIGH

22:30
Nov 06 ◎

TTWO FY2026 Q2 Watch

Take-Two Interactive Software, Inc. (TTWO) FY2026 Q2 Earnings Call

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Rainey Goldstein

Management's tone is clearly bullish, marked by raising full-year guidance for the second consecutive quarter, driven by strong performance across NBA 2K, mobile, and a revised, more optimistic forecast for recurrent consumer spending.

"Our momentum is strong, and we are raising our net bookings outlook range to $6.4 to $6.5 billion, which represents 14% growth over fiscal 2025 at the midpoint."

TTWO WATCH

HIGH

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