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Video game publisher Take-Two’s quarterly booking estimates disappoint

2024.02.08 16:54


© Reuters. Grand Theft Auto The Trilogy by Take-Two Interactive Software Inc is seen on the market in a retailer in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File Photo

(Reuters) -Take-Two Interactive Software forecast fourth-quarter bookings beneath market expectations on Thursday, on indicators of weak demand for its gaming titles similar to “NBA 2K”, sending its shares down 7% in prolonged buying and selling.

Lower shopper spending and stiff competitors from gamers similar to Electronic Arts (NASDAQ:) and Microsoft-owned Activision Blizzard (NASDAQ:) are hurting video game publisher Take-Two (NASDAQ:).

The firm forecast fourth-quarter bookings within the vary of $1.27 billion to $1.32 billion, in contrast with analysts’ expectations of $1.51 billion, based on LSEG information.

It additionally reduce its projection for full-year bookings to a spread of $5.25 billion to $5.30 billion from $5.45 billion to $5.55 billion it beforehand forecast.

Take-Two’s third-quarter internet bookings fell 3% to $1.34 billion, consistent with analysts’ estimates.

The strong efficiency of video games similar to “GTA Online” and the “Red Dead Redemption” sequence was partially offset by softness in cellular promoting and gross sales of “NBA 2K” based on Take-Two CEO Strauss Zelnick.

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