(Reuters) – Take-Two Interactive Software Inc lowered its annual bookings forecast on Monday, a sign that it is struggling to keep gamers glued amid a weakening economy and broader slowdown in the gaming market.
Shares of the New York-based company fell nearly 3% in extended trading.
Take-Two’s forecast comes after rival Electronic Arts Inc and Xbox maker Microsoft Corp disappointed Wall Street with their outlook, suggesting that the slump in gaming market might sustain this year.
Despite releasing to good reviews on Dec. 2, role-playing game “Marvel’s Midnight Suns” has helped little in boosting Take-Two’s revenue. It was the 14th most downloaded title on Sony’s PlayStation 5 in December, trailing even the two-year-old title “Spider-Man: Miles Morales.”
Third quarter adjusted sales stood at $1.38 billion, compared to Street’s estimate of $1.46 billion, according to Refinitiv IBES data.
The videogame publisher said it now expects full-year adjusted sales between $5.2 billion and $5.25 billion, compared with $5.4 billion to $5.5 billion forecast previously. Analysts expected a figure of $5.39 billion, according to Refinitiv data.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber)
