By Yasin Ebrahim
Investing.com -- Take-Two (NASDAQ:TTWO) reported Monday third-quarter results that missed Wall Street estimates and the video game maker cut annual guidance again as competition over the holiday period and weaker economic backdrop weighed on demand.
Take-Two Interactive Software fell more than 1% after-hours following the report.
The company reported a loss of $0.91 a share on revenue of $1.41 billion, missing estimates for a loss of $0.89 a share and $1.46B, respectively.
Net Bookings - the net amount of products and services sold digitally or sold-in physically - grew 60% to $1.38B, though that missed the company's estimates amid competition during the holiday season.
"Our net booking of $1.38B were slightly below our prior guidance, as we believe that consumers shifted their holiday spending toward established blockbuster franchises and titles that were offered with pricing promotions in light of macroeconomic conditions," the company said.
Looking ahead to fiscal 2023, however, the company cut net bookings to range of $5.2B to $5.25B from a prior outlook of $5.4B to $5.5B. The company now forecasts a net loss per share of between $4.50 to $4.40 a share on net revenue of $5.24 to $5.29B. That compared with a previous forecast for EPS of $4.22 to $3.95, on revenue of $5.41B to $5.51B.
"We are operating in an environment that is in many ways more challenging than we anticipated," the company said.