Sunday, June 4, 2023
HomeUncategorizedTake-Two reports general earnings, updated forecast includes Zynga

Take-Two reports general earnings, updated forecast includes Zynga

Poker has come to Red Dead Online

Pictures Source: Rockstar Games

Interested in learning what’s next for the gaming industry? Join gaming executives to discuss the emerging part of the industry at GamesBeat Summit Next this October. Sign up now.

Take-Two took a little hit today and released its fiscal year The latest earnings report for the first quarter. Since the company recently completed its acquisition of Zynga, it has updated its forecast to account for the new influx of mobile money — however, it still falls short of expectations.

The company reported a net loss of $104 million, while net bookings rose 41% to $1 billion. Clearly, this was not what analysts had hoped, as the original estimate of net bookings in a FactSet survey was $1.11 billion. It also revised its annual profit forecast to $580 million to $5.9 billion, where analysts had originally expected more than $6 billion (via Barron’s). Shares of Take-Two fell after the report.

CEO Strauss Zelnick said in a statement about the adjusted forecast, “Our pipeline still looks very strong this year, and we’re pleased to be able to pass the best-in-class ‘s platform has significantly expanded our mobile business. Our new forecast takes into account some changes in our release plans for this year, foreign
currency pressures, as well as macroeconomic and geopolitical uncertainty. Looking ahead, our long-term vision is clearer than ever, We believe the combination with Zynga will allow us to better leverage the evolving dynamics of the interactive entertainment industry.”

Game success (and one delay)

Take-Two invests in its The performance of some of their games is reported in the player introduction. Little Tina’s Wonderland, it says, “exceeded expectations.” Grand Theft Auto V has sold nearly 170 million units to date, while Red Dead Redemption 2 has sold more than 45 million units.

One of the versions of Take-Two will miss its release window: 2K has revealed that Marvel’s Midnight Sun has been delayed yet again. Originally slated for an October release, the game now has an uncertain release date sometime in that fiscal year. Firaxis issued a statement saying that additional time will be spent on refining the gameplay.

GamesBeat’s creed when covering the gaming industry
is “where passion meets business”. What does it mean? We want to tell you how important news is to you—not just as a game studio decision maker, but as a game fan. Whether you read our articles, listen to our podcasts or watch our videos, GamesBeat will help you understand and enjoy interacting with the industry. Read about our newsletter.



Please enter your comment!
Please enter your name here


Featured NEWS