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Take-Two earnings report, forecast update includes Zynga


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Take two Today, it has been a bit of a hit with the release of its latest earnings report for the first quarter of the fiscal year. Since the company recently completed its acquisition of Zynga, it has updated its forecasts to account for new mobile cash inflows – it still won’t live up to expectations, however.

The company reported a net loss of $104 million while also reporting a 41% increase in net bookings to 1 billion. This is clearly not what analysts were hoping for, as those polled by FactSet initially estimated $1.11 billion in net bookings. It also revised its annual profit forecast from $5.8 to $5.9 billion, where analysts initially expected more than $6 billion (via Barron’s). According to the report, shares of Take-Two have plummeted.

CEO Strauss Zelnick said of the revised forecast in a statement, “Our systems for the year continue to look very strong and we are excited to significantly expand our mobile presence. move with a best-in-class platform. Our new forecast takes into account some movements in our release table for the year, overseas
monetary pressures, and macroeconomic and geopolitical uncertainty. As we look to the future, our long-term vision is clearer than ever, and we believe our combination with Zynga will allow us to better leverage the evolving dynamics of Zynga. interactive entertainment industry. “

Successful game (and one delay)

Take-Two reported in an investor presentation on the performance of some of its games. Tiny Tina’s Wonderlands, it said, “exceeded expectations.” Grand Theft Auto V has sold nearly 170 million copies to date, while Red Dead Redemption 2 has sold over 45 million copies.

One of the Take-Two releases will miss its launch: 2K reveals that Marvel’s Midnight Suns is being delayed yet again. Originally set to launch in October, the game currently has an unspecified release date around this financial year. Firaxis has released a statement that they will spend more time perfecting the gameplay.

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