What caused Take-Two's gross profit decline in Q2 2024?

Take-Two's gross profit margin declined by 57.62% in Q2 2024 compared to the previous year. The primary reasons for this decline are as follows:

1. **Goodwill Impairment Charges**: The company incurred significant goodwill impairment charges amounting to $2.18 billion, which contributed to a widened loss. This indicates that the company may have overpaid for certain acquisitions, leading to a reduction in gross profit.
2. **Cost-Cutting Program**: The cost-cutting program that resulted in these impairment charges also led to $398 million in other non-cash charges this quarter. This suggests that the company's efforts to reduce costs have negatively impacted its gross profit.

In conclusion, Take-Two's gross profit decline in Q2 2024 can be attributed to a combination of goodwill impairment charges and cost-cutting measures. These factors have collectively contributed to a significant reduction in the company's gross profit margin.