Take-Two Interactive Software Inc. (NASDAQ:TTWO) stock rose in premarket trading Tuesday as excitement over the Nov. 19 launch of Grand Theft Auto 6 (GTA 6) overshadowed an 18% decline in quarterly net bookings.

Net bookings fell 18% year over year to $1.60 billion. The figure topped analysts' estimate of $1.58 billion but missed the company's forecast of $1.62 billion to $1.67 billion.

Recurrent consumer spending declined 9%, compared with the company's forecast for a 5% drop. Spending fell across NBA 2K and mobile games, while the Grand Theft Auto franchise recorded growth.

GTA 6 Preorders Fuel Optimism

Take-Two CEO Strauss Zelnick said GTA 6 preorders have significantly exceeded initial expectations.

Despite extraordinary GTA 6 preorder demand, Zelnick struck a cautious tone. He said the company was not ready to "declare victory" before the game's launch and would assess its performance before updating financial forecasts.

The company expects net bookings and player engagement to accelerate in the second half of fiscal 2027, supported by new game content.

Grand Theft Auto 5 has sold nearly 235 million copies worldwide.

The Grand Theft Auto franchise posted double-digit growth in recurrent consumer spending and average monthly GTA+ members.

GTA 6 remains on track for its Nov. 19, 2026, release. Take-Two expects the game to drive significant fiscal 2027 growth, supported by Ultimate Edition sales.

NBA 2K and Borderlands Deliver Mixed Results

NBA 2K27 has sold more than 4 million copies, generating the franchise's second-highest net bookings performance. However, results fell short of expectations.

Management expects NBA 2K bookings and engagement to improve in the second half of fiscal 2027. It also forecasts high-single-digit growth in NBA 2K recurrent consumer spending for the full fiscal year.

Meanwhile, the Borderlands franchise surpassed 100 million copies sold. Borderlands 4 benefited from new content and promotions.

Take-Two also released updates for Mafia, Civilization, PGA Tour 2K and WWE 2K. PGA Tour 2K27 and WWE 2K27 are scheduled for release later this fiscal year.

Take-Two Maintains Fiscal 2027 Forecast

Take-Two reaffirmed its fiscal 2027 net bookings forecast of $8 billion to $8.2 billion, below analysts' estimate of $8.512 billion.

However, it raised its GAAP revenue forecast to $7.98 billion to $8.18 billion.

The company also maintained its adjusted earnings forecast of $5.75 to $6 per share, compared with the $7.04 estimate.

Zelnick defended the unchanged forecast, saying it was too early to declare success before GTA 6's launch. He added that the company saw no reason to raise its projections.

Addressing concerns about artificial intelligence-powered game reverse engineering, Zelnick said replicating the intended gaming experience would be difficult.

He added that Take-Two is strengthening its technical safeguards and legal efforts to protect its intellectual property.

Third-Quarter Forecast

For the third quarter of fiscal 2027, Take-Two expects adjusted earnings of $3.80 to $4 per share, compared with analysts' estimate of $3.95.

The company forecasts adjusted net bookings of $3.35 billion to $3.5 billion, compared with the $3.382 billion estimate.

Recurrent consumer spending is expected to rise about 12% year over year.

Meanwhile, management-adjusted operating expenses are projected to increase about 21% year over year, primarily due to marketing costs tied to GTA 6's launch.

TTWO Price Action: Take-Two Interactive shares were up 4.45% at $216.62 during premarket trading on Tuesday, according to market data.