06:53 AM EDT, 08/09/2024 (MT Newswires) -- Take-Two Interactive Software ( TTWO ) reported a wider-than-expected loss for the fiscal first quarter while the video game publisher maintained its full-year bookings outlook as it expects the key metric to grow sequentially in the ongoing three-month period.

Net bookings, which are products and services sold digitally and physically, are projected to come in between $1.42 billion and $1.47 billion for the three-month period ending September 30, the company said late Thursday. During the June quarter, net bookings ticked up 1% to $1.22 billion with NBA 2K24, Grand Theft Auto Online and Grand Theft Auto V among the largest contributors.

For fiscal 2025, Take-Two continues to expect net bookings to be in a range of $5.55 billion to $5.65 billion.

Shares of the company rose 2.3% in recent premarket activity Friday.

"We project recurrent consumer spending to increase by approximately 5%, which assumes a low double-digit increase from mobile driven by the addition of Match Factory! and growth in Toon Blast which are partially offset by declines in our hypercasual mobile portfolio and Empires & Puzzles," Chief Financial Officer Lainie Goldstein said during a conference call, according to a Capital IQ transcript.

Net loss for the full year is now expected to be in a range of $3.95 to $4.33 per share versus the prior outlook of $3.50 to $3.90. The consensus on Capital IQ is for a GAAP loss of $3.24 a share. The company kept its full-year revenue guidance of $5.57 billion to $5.67 billion.

Take-Two's loss in the fiscal first quarter widened to $1.52 per share from $1.22 the year before, compared with the Street's view for a $1.37 per-share loss. Revenue increased 4% year over year to $1.34 billion. "Cost of revenue declined 6% to $567 million and operating expenses increased by 8% to $956 million," Goldstein said on the call.

For the current quarter, the company anticipates a net loss of $2.15 to $2.30 and revenue between $1.29 billion and $1.34 billion.

"As we pursue our strategic priorities, we expect to achieve sequential increases in net bookings in fiscal 2026 and 2027, which we believe will drive long-term shareholder value," Chief Executive Strauss Zelnick said in a statement.

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