Take-Two Interactive Software, Inc. (Take-Two) has announced a business reorganization plan, the '2024 Plan', aimed at cost reduction through project cancellations and organizational streamlining. The plan, expected to be largely completed by December 31, 2024, is estimated to incur charges between $160.0 to $200.0 million. During the quarter ending June 30, 2024, the company reported reorganization expenses of $49.5 million, compared to $7.2 million in the same period of 2023. The reorganization expenses for the quarter included costs related to employee severance and title cancellations. Take-Two's financial performance showed a net loss of $262.0 million for the quarter, a larger loss compared to $206.0 million in the previous year. The company's net revenue increased by 4.2% to $1,338.2 million, with digital online channels comprising 96.8% of total net revenue. Recurrent...Show More

Take-Two Interactive Software, Inc. (Take-Two) has announced a business reorganization plan, the '2024 Plan', aimed at cost reduction through project cancellations and organizational streamlining. The plan, expected to be largely completed by December 31, 2024, is estimated to incur charges between $160.0 to $200.0 million. During the quarter ending June 30, 2024, the company reported reorganization expenses of $49.5 million, compared to $7.2 million in the same period of 2023. The reorganization expenses for the quarter included costs related to employee severance and title cancellations. Take-Two's financial performance showed a net loss of $262.0 million for the quarter, a larger loss compared to $206.0 million in the previous year. The company's net revenue increased by 4.2% to $1,338.2 million, with digital online channels comprising 96.8% of total net revenue. Recurrent consumer spending accounted for 82.0% of net revenue, indicating a strong ongoing consumer engagement. The company's business development continues to focus on its key franchises, with Rockstar Games planning to release Grand Theft Auto VI in Fall 2025. Take-Two's strategy emphasizes creativity, innovation, and efficiency in the interactive entertainment industry. The company's future plans include continued investment in new content, franchises, and business opportunities to drive long-term growth.