FMP
Take-Two Plunges 7% Following Guidance Cut
Feb 9, 2024 1:17 PM - Davit Kirakosyan
Image credit: FMP
Take-Two Interactive Software (NASDAQ:TTWO) experienced a decline of over 7% pre-market today following the announcement of an unexpected fiscal third-quarter loss and a downward revision of its annual forecast. The video game publisher cited challenges including a downturn in mobile advertising and lower sales for its NBA 2K24 basketball franchise as key factors behind its performance.
The company disclosed an adjusted loss of $0.54 per share, which did not meet the anticipated earnings of $0.72 per share.
Looking forward to fiscal 2024, Take-Two adjusted its net bookings forecast to a range between $5.25 billion and $5.3 billion, down from the previous projection of $5.45 billion to $5.55 billion. The company now anticipates a net loss per share ranging from $5.95 to $5.85, based on projected revenue of $5.27 billion to $5.32 billion. This marks a shift from earlier loss estimates of $5.62 to $5.35 per share, with revenue expectations previously set between $5.37 billion and $5.47 billion.
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