With its industry-leading live service, high revenues, heavy M&A activity, and many rounds of layoffs, Take-Two Interactive, the parent company of Grand Theft Auto, delivers one of the best gaming business gut checks every earnings season.

But what does a return to normal look like for the publishing group before the highly anticipated release of “Grand Theft Auto 6” in fall 2025, after a massive $2.9 billion loss last quarter, largely stemming from goodwill charges incurred from its $12.7 billion acquisition of mobile giant Zynga two years ago?

To be fair, quarterly losses have been the norm for Take-Two since it completed its acquisition of Zynga in May 2022. It posted a net loss of $262 million in the second quarter of 2024, an improvement from last year but the ninth consecutive quarter of losses since Take-Two last reported a profit.

This trend has continued despite Zynga joining the Rockstar and 2K labels, which immediately boosted revenue. Take-Two has generated more than $1 billion in quarterly net bookings in two years.