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"Grand Theft Auto" maker Take-Two plunged 16.5 percent after cutting its revenue forecast

via:新浪科技     time:2022/11/8 11:01:20     readed:128

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Sina science and technology news Beijing time on November 8 morning news, it is reported that the game developer Take-Two will lower the annual revenue forecast, the surging dollar, the downturn in the game industry affects the business, even Take-Two is not immune.

The announcement follows similar signals from EA that the industry is facing the challenge of sluggish demand, a lack of new games, and consumer spending squeezed by inflation.

Take-Two, whose shares fell 16.5 percent after hours on the news, forecast annual revenue of $5.4 billion to $5.5 billion this year, compared with its previous forecast of $5.8 billion to $5.9 billion. "The reduction in our revenue guidance reflects changes in our product line and fluctuations in foreign exchange rates, reflecting our more cautious view of the current macro economy, especially in the mobile space," said Take-Two CEO Strauss Zelnick.

Take-Two has acquired mobile game maker Zynga, whose advertising business has come under pressure this year, as has even giant Google's.

Take-Two's adjusted revenue for the three months ended Sept. 30 was about $1.5 billion, roughly in line with analysts' estimates of $1.55 billion. The third-quarter results were bolstered mainly by a new game, NBA 2K23, which went on sale in September and is selling well.

Now much anticipated is the new game Grand Theft Auto 6, which BofA Global Research estimates will generate $3.5 billion in revenue when it launches and an average of $2 billion annually thereafter.

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