Take-Two Interactive (TTWO) shared its results for Q1 2023 today and among the noteworthy information featured in the earnings report is how the company’s Fiscal 2023 is reportedly “off to a strong start” in spite of cuts to its full year revenue guidance. Updated guidance sees Take-Two expecting to deliver $5.8 to $5.9 billion in Net Bookings as it adds Zynga, which it recently acquired, into the mix.
GAAP revenue and loss are as follows, per Take-Two’s earnings report:
- GAAP net revenue is expected to range from $5.73 to $5.83 billion.
- GAAP net loss is expected to range from $438 to $398 million.
- GAAP net loss per share is expected to range from $2.75 to $2.50.
- Share count used to calculate GAAP net loss per share is expected to be 159.2 million.
- Share count used to calculate management reporting diluted net income per share is expected to be 161.0 million.
- Net cash provided by operating activities is expected to be over $710 million.
- Adjusted Unrestricted Operating Cash Flow (Non-GAAP) is expected to be over $700 million.
- Capital expenditures are expected to be approximately $135 million.
- Net Bookings (operational metric) are expected to range from $5.8 to $5.9 billion.
- EBITDA (Non-GAAP) is expected to range from $499 to $548 million.
Zelnick goes on to note that Take-Two remains “exceedingly optimistic about the long-term growth potential for the mobile industry” in addition to the company’s ability to “create greater shareholder value as a combined entity with Zynga.”
The new forecast comes as Take-Two takes into account adjustments to its release slate this year along with “foreign currency pressures, and macroeconomic and geopolitical uncertainty.” Following Take-Two’s earnings report, stock fell over 8 percent.
For more on Take-Two’s latest earnings including how FY23 revenue guidance fell below expectations, be sure to read through the full report. And for more on Take-Two in general, also be sure to read through some of our previous coverage including how Take-Two Interactive (TTWO) recently completed its acquisition of Zynga (ZNGA).
Morgan Shaver posted a new article, Take-Two Interactive (TTWO) provides FY23 revenue guidance below expectations
Gotta get GTA6 out.