$TTWO Shares Drop AH on Earnings Miss

Continuing on with the news from $NVDA that gaming chips demand has hit the wall, we have this anemic earnings report from $TTWO:

Bloomberg/Yahoo headline: Take-Two Shares Drop After Annual Profit Forecast Misses Estimates

Cecilia D’Anastasio
Mon, August 8, 2022 at 6:11 PM·4 min read

https://finance.yahoo.com/news/two-shares-drop-annual-profit…

In May, Take-Two completed its $11 billion acquisition of Zynga, allowing the company to break into the fast-growing market for smartphone games. The deal merges the creator of best-selling PC and console games such as Bioshock and Red Dead Redemption with the maker of FarmVille, which flourished years ago on Facebook.

Incorporating results from Zynga for the first time, Take-Two revised its outlook for fiscal year 2023, and said it expects net bookings of $5.8 billion to $5.9 billion. That beat analysts’ average estimate for $5.42 billion.

“We are seeing some softness in the mobile market,” Chief Executive Officer Strauss Zelnick said Monday in a conference call after the results. Yet, he added, the company is “doing better than most, if not all” in the mobile games market.

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