Take-Two Interactive (TTWO) lowers fiscal year 2023 revenue and profit outlook

Take-Two Interactive’s (TTWO) earnings report includes altered guidance for this year’s revenue.

November 7, 2022 1:50 PMTake-Two Interactive1

Take-Two Interactive (TTWO) has released its Q2 2023 earnings report. It revealed that the company missed on both revenue and earnings-per-share expectations. However, it also provided some insight to the company’s future business. In the earnings report, Take-Two Interactive updated its guidance, lowering it for the full year.

The Take-Two Interactive (TTWO) Q2 2023 earnings report was shared on the company’s investor relations page. On page 2, the company shares that it has lowered its revenue guidance for the fiscal year 2023. “We now expect to deliver Net Bookings of $5.4 to $5.5 billion in Fiscal 2023. 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 Interactive (TTWO) CEO Strauss Zelnick provided a statement on the announcement of the change in revenue guidance.

Major misses on EPS and revenue expectations compounded with the lowered guidance for the fiscal year sent Take-Two Interactive (TTWO) stock spiraling in after-hours trading. It fell from $108.40 to as low as $91.00 at the time of this writing.

We’ll continue to follow the business moves of Take-Two Interactive (TTWO) here on Shacknews. Also, know that you can count on us for other news in the world of finance as it relates to the gaming and tech industries.