Take-Two Plunges in Afterhours Trading After Cutting Guidance, Q2 Results Miss
By Yasin Ebrahim
Investing.com -- Take-Two plunged in aftermarket hours trading Monday after the video game maker cut bookings guidance following fiscal second-quarter results that fell short of Wall Street estimates.
Take-Two Interactive Software (NASDAQ:TTWO) fell more than 15% after-hours following the report.
The company reported EPS of $1.54 on revenue of $1.39 billion, missing estimates for $1.38 a share and $1.56 billion, respectively.
Net Bookings - the net amount of products and services sold digitally or sold-in physically - grew 53% to $1.5 billion.
The largest contributors to net bookings included NBA 2K23 and NBA 2K22; Grand Theft Auto Online and Grand Theft Auto V; Rollic's hyper-casual portfolio; Empires&Puzzles; Toon Blast; Words With Friends; Merge Dragons!; Red Dead Redemption 2 and Red Dead Online; and Toy Blast.
Looking ahead to fiscal 2023, however, the company cut net bookings to range of $5.4 to $5.5 billion from a prior outlook for $5.8 billion to $5.9 billion. EPS was expected in a range of $4.22 to $3.96, while revenue was guided to between $5.41 billion to $5.51 billion.
"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," the company said.
For fiscal Q3, the company expected EPS in a range of $0.95 to $0.85 a share on revenue of $1.43 billion to $1.48 billion. Net bookings were expected between $1.41 to $1.46 billion.
Related Articles
Take-Two Plunges in Afterhours Trading After Cutting Guidance, Q2 Results Miss
Time appoints Jessica Sibley as CEO
Lyft shares plunge after dull revenue forecast, slowing rider growth
