Take-Two Interactive to Lay Off 5% of Workforce and Cancel Projects

Grand Theft Auto publisher Take-Two Interactive is implementing a cost reduction program that includes canceling several games in development and laying off approximately 5% of its workforce, which could amount to nearly 600 employees. This move comes as the company aims to enhance its margin profile while still investing for growth. The layoffs and cancellations are part of a broader trend in the gaming industry, with over 16,000 layoffs reported since the start of 2023. Despite reporting significant net bookings, Take-Two's next financial report in May may provide more insight into the extent of the cuts.