Booking guidance dropped in “challenging” market – The Hollywood Reporter

Take-Two Interactive saw its net bookings fall below expectations in the third quarter of fiscal 2023 as consumers shifted holiday spending to “established blockbuster franchises”. ” and titles with promotional discounts, the company said Monday.

For the three months ended December 31, Take-Two brought in $1.41 billion in revenue but reported a net operating loss of $172.9 million. Net bookings, which reflect products and services sold digitally and physically, grew 60% year-over-year to $1.38 billion in the quarter but fell short of the company’s forecast. on pre-orders from $1.41 billion to $1.46 billion. During the quarter, headlines like NBA 2K23, Grand Theft Auto Online And Grand Theft Auto V, Red Dead Redemption 2 And Red Dead Online And Words With Friends contribute the most to bookings.

Take-Two CEO Strauss Zelnick said that due to the “challenging environment in more ways than we anticipated, the company is lowering its booking guidance for fiscal year 2023 to $5.2 billion to $5.25” billion dollars, down from $5.4 billion to $5.5 billion.

Take-Two is also looking to reduce costs by $50 million, focusing on “publishing and corporate functions,” which will begin in the current quarter, the company said in the announcement. income. The cuts will be in addition to the $100 million “cost synergies” resulting from the $12.7 billion acquisition of Zynga.

Lainie Goldstein, Take-Two’s chief financial officer, told analysts that the $50 million figure would increase as part of an “ongoing” cost reduction program at the company. “These are structural and lasting changes to the overall structure of the company’s eavesdropping,” Goldstein said, pointing to “effectiveness” as a tenant. the core of Take-Two.

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