As we continue to trek through the end of fiscal quarters at various tech and gaming companies, Take-Two Interactive finds itself up on the block this week to kick things off. The company reported today, though unfortunately it fell short of expectations in its major metrics. Overall revenue and earnings-per-share (EPS) were both down for Take-Two Interactive in Q2 2023 and it has the company lowering its full year guidance as a result.
Take-Two Interactive (TTWO) shared its Q2 2023 earnings results on its investor relations website on November 7, 2022. According to the results, Take-Two put up $1.4 billion USD in revenue. That was short of expectations that were set at $1.52 billion, as reported by Whisper Number. Additionally, it not only missed on consensus EPS estimates of $1.37 per share and Whisper Number expectations of $1.42 per share. It actually lost money, putting up a loss of -$1.54 per share.
As could be expected this could be considered a losing quarter for Take-Two Interactive and the TTWO stock is down in afterhours trading as a result. The company still has games like NBA 2K, PGA Tour 2K23, and The Quarry, which have helped moved to the needle positively for the group, but it also just recently dropped $12.7 billion on the acquisition of Zynga, which it has previously pointed out would significantly affect its fiscal 2023 bottom line and expectations. Groups like Rockstar continue to work towards an all-new Grand Theft Auto, but it’s still a long ways off to say the least.
Even so, Take-Two has already said a new Grand Theft Auto most likely won’t launch until around 2025. As such, the company may be in for some rough times while it works towards its next flagship launch. Stay tuned as we continue to report on various tech company quarterly closes.