When Rockstar announced the second delay, Take-Two's stock tanked nearly 12% in a single trading session, mirroring a similar scenario following the initial delay. The stock has since clawed its way back to current levels, but the volatility tells you everything you need to know: Take-Two's $46-47 billion market cap is essentially a leveraged bet on a game that hasn't shipped yet.
Take-Two's upcoming quarterly report arrives at what could be the most consequential moment in the company's 30+ year history. The conference call will be accessible via phone at (800) 715-9871 or (646) 307-1963 using conference ID 9711440, with a live webcast available through Take-Two's investor relations website. Results drop after market close, so expect to see some movement in after-hours trading.
So what exactly are investors hoping to hear? Unwavering confirmation that November 19 remains locked in. Any hedging language, any revised fiscal projections, and any mention of "ongoing polish work" could signal yet another delay. And given the elevated expectations already baked into TTWO's current valuation, a third delay would be catastrophic.
Beyond the release date, analysts will be parsing every word for updates on GTA 6's marketing campaign. With roughly nine months until launch, Rockstar's promotional machine should be ramping up. CEO Strauss Zelnick has previously indicated the company is adopting a "more compact marketing approach" favoring shorter, concentrated campaigns closer to release, but investors want specifics. When's Trailer 3? What about gameplay reveals? What does the rollout actually look like?
Pricing represents another massive wildcard. Zelnick has played coy about GTA 6's retail price, only stating that the price will be "fair" and that Take-Two will "deliver more value than what we charge." Such vagueness in the current games pricing climate might be cause for concern if you ask some fans.
Throughout the delay, Zelnick has maintained an unshakable message: Rockstar is chasing creative perfection, and Take-Two will support them unconditionally. Following the November delay announcement, he told investors, "It's always painful when we move a date. We have done so occasionally in the past, and we've never regretted it in retrospect."
More recently, Zelnick expressed confidence that no further delays are coming. "When we set a date, we really do believe in it," he said. "We feel really good about this release date." Of course, he also felt good about Fall 2025, and then May 2026. So forgive investors if they're approaching February's call with a healthy dose of skepticism.
If you want context on what GTA 6 could mean for Take-Two's stock trajectory, just look at Grand Theft Auto V's impact. When that game launched on September 17, 2013, it fundamentally transformed the company's financials overnight and kept doing so for over a decade.
Take-Two's revenue nearly doubled from $1.2 billion to $2.3 billion in fiscal 2014, and GTA V has since sold over 215 million copies, generating more than $9 billion in lifetime revenue. Remarkably, the game continues to outsell recent releases despite being over a decade old. Its success established the template analysts expect GTA 6 to follow, which starts with massive launch sales followed by years of GTA Online monetization.
The second GTA 6 trailer demonstrated just how unprecedented the demand truly is. Within 24 hours of dropping, it accumulated 475+ million views across all platforms as it obliterated records set by theatrical trailers for Deadpool & Wolverine (365 million) and Fantastic Four (200 million). The first trailer had already become YouTube's most-liked trailer in history with nearly 11 million likes. They're proof that GTA 6 exists in its own category.
Ultimately, we shouldn't expect the February 3 earnings call any major revelations, but for a game like GTA 6, a whole lot of "nothingburger" is still better than nothing at all. Expect investors and fans alike to keep a close eye on what Take-Two has to say.
