Take-Two lowered its financial forecast for the year and announced the failure of Marvel's Midnight Suns
Take-Two also reported on its finances. The company has released a report for the third fiscal quarter ended December 31, 2022.
▪️Take-Two’s revenue is $1.4 billion. It increased by 56%, but came out below forecasts (the company planned to earn $ 1.43-1.48 billion).
▪️Losses amounted to $153.4 million. A year earlier, Take-Two reported a profit of $144.6 million.
Marvel’s Midnight Suns turned out to be a commercial failure. Take-Two suggests that the reason could be an ill-chosen time for the release. However, the company hopes that the game will have a long tail of sales.
▪️The company has again worsened its forecast for the fiscal year. Now she expects revenue to be $5.24-5.29 billion with a loss of $721-704 million.
▪️Take-Two intends to reduce annual expenses by more than $50 million. This will lead to layoffs, but they will not be large-scale.
