Take-Two Interactive (TTWO)

Nov 8, 2022Trade Ideas

Investors may want to keep an eye on Take-Two Interactive (TTWO).

While the gaming stock is down 17% this morning to $89.98, it’s becoming overkill. All after posting a loss of $1.54 a share on sales of $1.5 billion, which was below expectations for $1.55 billion. It also noted that 2023 net bookings would come in between $5.4 billion and $5.5 billion, which is lower than expectations for $5.77 billion.

And, according to CNBC: The company “also said it expects a fiscal year ending March 31, 2023 net loss between $674 million to $631 million, worse than the guidance of a net loss between $438 million to $398 million that it provided in its first-quarter earnings. Take-Two’s slashed outlook comes as gaming slows, and particularly games on mobile devices like smartphones, after two years of elevated sales and engagement thanks to the Covid-19 pandemic. Game sales are also being hurt as consumer confidence falls in the face of rising interest rates and a possible recession.”

The good news is CEO Strauss Zelnick says it should improve over the next three to six months.

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