Shares of Take-Two Interactive rose sharply in pre-market trading on Wednesday following confirmation of the next installment in the Grand Theft Auto series. Speculated to be called GTA VI or GTA 6, the first trailer for the game is set to come out in December. GTA V was unveiled in 2011 and has been kept alive till date, making it a decade-long success.
Shares of Take-Two Interactive jumped 9.4% in pre-market trading on Wednesday, bringing the stock to new heights following the confirmation that the next installment of the hugely successful Grand Theft Auto franchise is in the works. Sam Houser, President of Rockstar Games, announced on X, formerly known as Twitter, that the first trailer for the upcoming game, widely known as GTA VI or GTA 6, will be out in December, to commemorate the studio's 25 anniversary. On Tuesday night, Bloomberg reported that Take-Two Interactive will make the official announcement about the game this week. The company previously indicated that the launch could come as early as 2024 and that the 2024-2025 fiscal year will be an "inflection point" in its growth.
Grand Theft Auto V, which was released in 2013 and is currently the second highest-selling game of all time, was developed by Take-Two's subsidiary Rockstar Games. This successful franchise, along with Red Dead Redemption, have led to Take-Two's enormous success, with its current market cap standing at $23.16 billion. When the company reported its fiscal 2024 first-quarter earnings in August, total net bookings increased by 20% year-on-year to $1.20 billion, largely due to Grand Theft Auto Online and Grand Theft Auto V.
Take-Two shares have grown nearly 31% since the start of the year, as investors and consumers alike have been eagerly anticipating the release of the next Grand Theft Auto game.
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