Take-Two Interactive Software (Take-Two (TTWO)) had a bit of a roller-coaster Friday morning. Shares spiked in pre-market trading after the company delivered better-than-expected quarterly results and finally gave a concrete release date for the most anticipated video game in years. But by the time the opening bell rang, the stock had reversed course and was trading down about 3%.

The videogame publisher topped Wall Street expectations on both earnings and revenue. The quarterly loss came in at 32 cents per share, well ahead of the 52-cent loss analysts had forecast. Revenue hit $1.68 billion, beating the $1.57 billion consensus. Net bookings for the fourth quarter were $1.58 billion, above management's own guidance, and full-year net bookings climbed to $6.72 billion.

Investor enthusiasm got an extra jolt when management confirmed that Grand Theft Auto VI will launch on Nov. 19. That's the big one — the game that could single-handedly reshape Take-Two's financials. Chairman and CEO Strauss Zelnick called fiscal 2027 a potential "breakout year" for the company, and Rockstar Games plans to start marketing GTA VI this summer.

On the earnings call, Zelnick credited broad strength across Take-Two's portfolio. NBA 2K, Zynga mobile titles, and the Grand Theft Auto franchise all contributed. NBA 2K26 has now sold over 10 million units, and recurrent consumer spending for the basketball franchise grew 10% year-over-year. WWE 2K26 and PGA Tour 2K25 also showed stronger engagement metrics, with management pointing to higher player activity and successful seasonal updates.

Mobile gaming remained a major contributor, with titles like Toon Blast, Match Factory, and Color Block Jam delivering strong engagement trends. Take-Two also highlighted its direct-to-consumer platform, which continues to improve margins and customer retention, helped by lower payment friction and evolving regulations.

Looking ahead, Take-Two expects fiscal 2027 net bookings between $8 billion and $8.2 billion, which implies roughly 20% annual growth. That forecast is largely driven by Grand Theft Auto VI, which management expects to be the company's largest near-term growth catalyst. Executives also projected operating cash flow above $1 billion during the fiscal year.

But all that growth comes with a price tag. The company plans to spend between $4.18 billion and $4.2 billion on operating expenses, with about half of the increase going toward marketing for GTA VI and mobile launches. That's a big chunk of change, and it might explain why some investors are taking profits today.

Take-Two maintained its long-term capital allocation strategy, with priorities including internal development, selective acquisitions, and opportunistic share repurchases. The publisher currently expects to release 29 titles through fiscal 2029, including sequels, remasters, and new intellectual property.

At publication Friday morning, Take-Two shares were trading down 2.97% to $231.