An important factor to consider is whether this is your "best" attempt or whether you have the ability to improve your score?
As you probably know, most schools ask you to report your highest score but will see all of your reported scores. I've heard admissions directors from Top 10 schools comment that they do pay attention to candidates who are able to improve from very low scores to more competitive scores. There are stories of folks with low GMAT scores getting into top MBA programs but I wouldn't count on that coming true! Those candidates tend to have something else very special in their profiles that help the AdCom see past the weak GMAT score.
Another thing to understand is that the GMAT score is often treated as a "proxy" for a couple of things that AdComs care about:
1) Your quant score is viewed as a proxy for your "intellectual horsepower," or said differently, your ability to handle the academic load in their MBA program;
2) Your verbal score is viewed as a proxy for your "communication skills," or said differently, your ability to contribute effectively to the classroom discussions and within your team/group settings.
So unless there is something unusually attractive about the other elements of your application, your MBA chances are still alive but you're still in the early phase of needing to restudy and retaking the GMAT.
Hope this is helpful! Best wishes for success with your GMAT and then your broader application.
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MBA Prep School
San Francisco, CA