“Grand Theft Auto” writer Take-Two Interactive is engaged on an “important” price discount plan following combined earnings outcomes for its October-December 2023 quarter on Thursday, however management says it’s not trying to workforce cuts as its first resort in financial savings.

“We have now no present plans for layoffs,” Take-Two CEO Strauss Zelnick informed Selection following the online game firm’s earnings name. “Our largest line merchandise expense was advertising, so we do have the chance to optimize many bills that don’t contain our headcount: advertising and third social gathering bills, vendor expenses, and the like, can nonetheless be optimized. We’re a giant firm, so we’ve at all times prided ourselves on being probably the most environment friendly firm within the leisure enterprise.”

Wall Avenue forecast earnings per share (EPS) of 72 cents on $1.34 billion in web bookings for Take-Two’s most up-to-date quarter, in accordance with analyst consensus knowledge supplied by LSEG, previously Refinitiv. Take-Two reported a web lack of 54 cents per share on $1.34 billion in web bookings.

In a letter to shareholders accompanying the quarterly outcomes, Take-Two mentioned it’s revising its web bookings forecast for the remainder of its fiscal 12 months 2024, which ends March 31, to between $5.25 to $5.3 billion and “at present engaged on a big price discount program throughout our whole enterprise to maximise our margins, whereas nonetheless investing for progress.”

Additionally within the letter, Take-Two listed projected launch dates for its upcoming titles, together with Rockstar Video games’ eagerly anticipated “Grand Theft Auto 6,” which is at present slated as a “Calendar 2025” launch.

Take-Two’s fiscal 12 months 2025 runs from April 1, 2024-March 31, 2025. Based mostly on alleged leaked longterm monetary projections, latest rumors have focused January-March 2025 as a probable launch for “GTA 6.”

Strauss shot down any additional narrowing of “GTA 6’s” launch date past 2025 on an earnings name with analysts Thursday, saying: “We’re looking for perfection and once we’ve optimized, that’s the time to launch.”

Moreover, Take-Two CFO Lainie Goldstein famous that financials aren’t finalized for fiscal 2025, and people numbers won’t be launched till Might: “We’re at present in the midst of our budgeting course of.  Presently, the quantity is monitoring just a little above $7 billion for Internet Bookings in FY25, given the standard shifts and tweaks that happen in our forecasting. Our pipeline is groundbreaking for subsequent 12 months and past, and our groups are making wonderful progress on recreation growth. Nothing materials has modified with regard to the lifetime worth of our portfolio.  We’ll present our preliminary outlook for FY25 once we report our This autumn/FY24 leads to Might.”

Take-Two inventory closed Thursday at $169.60 per share and was down greater than 10% in afterhours buying and selling Thursday. The common U.S. inventory markets will reopen at 9:30 a.m. ET Friday.