Take-Two Interactive (TTWO.US) lost over 10.0% during today's session after the videogame lowered its financial outlook for the year. Company's CEO Strauss Zelnick said weaker mobile and in-game sales had a negative impact on the quarterly figures.
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Company known for many iconic games including “Grand Theft Auto” and its “NBA 2K” series recorded quarterly loss of $1.54 per share , which is a massive disappointment compared to earnings of 6 cents per share recorded in the same period of the year prior.
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Revenue rose 63.0% to $1.4 billion, however failed to beat analysts’ estimates of $1.55 billion.
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For the full fiscal year of 2023 company forecasts losses per share in the region from $4.22 to $3.95 and revenue of $5.41 to $5.51 billion, well below market expectations of $5.89 billion for the year.
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“Our reduced forecast reflects shifts in our pipeline, fluctuations in FX rates, and a more cautious view of the current macroeconomic backdrop, particularly in mobile,” Take-Two CEO Strauss Zelnick said in a statement.
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Take Two expects to end a fiscal year on March 31, 2023 with a net loss between $674 million to $631 million, which is significantly worse compared to Q1 guidance when the company expected a net loss between $438 million to $398 million.
Detailed quarterly results. Source:alphastreet.com
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Before the latest quterly report, the company has a strong buy consensus based on 20 analysts ratings - 15 buys, 5 holds, 0 sells, with an average price target at $164.00. Source: Tipranks.com
Take-Two Interactive (TTWO.US) stock is trading around 55.0% below its all-time high from February 2021 at $215.30. Only during today's session stock fell over 15.0%, however buyers became more active in the evening and erased some losses. Nevertheless as long as the current sentiment prevails, price may be heading towards key support at $85.00, where lows from 2019 are located. Source: xStation5
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