Take-Two (NASDAQ:TTWO) Interactive Software Inc (NASDAQ: TTWO) shares are trading lower Tuesday after the company reported worse-than-expected fiscal second-quarter results and issued guidance below analyst estimates.
Take-Two said second-quarter revenue increased 62% year-over-year to $1.4 billion. The company reported net bookings of 1.5 billion, which missed average analyst estimates of $1.55 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of $1.30 per share, which missed average estimates of $1.37 per share.
Related Link: Take-Two Q2 Earnings Highlights: Shares Hit On Updated Guidance, Here's What The Company Says
"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," said Strauss Zelnick, chairman and CEO of Take-Two.
Take-Two expects fiscal third-quarter revenue to be between $5.41 billion and $5.51 billion.
Analyst Assessment:
- Credit Suisse (SIX:CSGN) analyst Stephen Ju maintained Take-Two with a Neutral and lowered the price target from $137 to $122.
- Wells Fargo (NYSE:WFC) analyst Brian Fitzgerald maintained Take-Two with an Overweight and lowered the price target from $185 to $132.
- Benchmark analyst Mike Hickey maintained Take-Two with a Buy and lowered the price target from $180 to $139.
- Morgan Stanley (NYSE:MS) analyst Matthew Cost maintained Take-Two with an Overweight and lowered the price target from $190 to $150.
- Stifel analyst Drew Crum maintained Take-Two with a Buy and lowered the price target from $161 to $130.
The stock was down 17.3% at $89.70 at time of publication, according to Benzinga Pro.
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