Tech Stocks Slide as Anthropic AI Tool Challenges Software Firms
Take-Two Interactive has recently updated its financial outlook, announcing a positive trend in net bookings and reaffirming the launch date for “Grand Theft Auto 6.” The company reported its fiscal third-quarter results, showing net bookings of $1.76 billion, a 28% increase compared to the same period last year. Analysts had projected a lower figure of $1.58 billion.
Positive Financial Outlook
Take-Two’s stronger-than-expected performance has prompted the company to raise its full-year net bookings forecast. The new estimate now stands between $6.65 billion and $6.7 billion, an increase from the earlier range of $6.4 billion to $6.5 billion. This revised outlook surpasses Wall Street’s estimate of $6.47 billion.
- Net Bookings for Q3: $1.76 billion
- Previous Year Comparison: 28% increase
- Full-Year Forecast: $6.65 – $6.7 billion
- Wall Street Estimate: $6.47 billion
Adjusted Loss Projections
In addition to improved bookings, Take-Two has reduced its projected net loss for the year to a range of $369 million to $338 million, compared to the previous guidance of a $414 million to $349 million loss.
“Grand Theft Auto 6” Release Date confirmed
Despite the pressure from the market, Take-Two affirmed its release date for “Grand Theft Auto 6,” set for November 19, 2026. This follows the company’s previous announcement of a delay from May 2026. The last trailer for the game was released in May 2025.
Market Reaction to Project Genie
Tensions in the gaming sector have arisen following the announcement of Google’s Project Genie. The tool, which enables users to create interactive environments from text or image prompts, has led to a decline in Take-Two’s market capitalization by nearly $6 billion since its introduction. Analysts describe this market reaction as misguided, stating that the tool lacks significant replay value.
- Market Capitalization Loss: Nearly $6 billion
- Analyst Perspective: “One-minute-long walking simulator generator”
Poniatowski, an analyst from mBank, suggests that Project Genie does not pose a serious threat to existing game development paradigms. As Take-Two navigates these challenges, the company remains focused on delivering high-quality gaming experiences.
