(Reuters) -Take-Two Interactive Software forecast fourth-quarter bookings below market expectations on Thursday, on signs of weak demand for its gaming titles such as “NBA 2K”, sending its shares down 7% in extended trading.
Lower consumer spending and stiff competition from players such as Electronic Arts and Microsoft-owned Activision Blizzard are hurting video game publisher Take-Two.
The company forecast fourth-quarter bookings in the range of $1.27 billion to $1.32 billion, compared with analysts’ expectations of $1.51 billion, according to LSEG data.
It also cut its projection for full-year bookings to a range of $5.25 billion to $5.30 billion from $5.45 billion to $5.55 billion it previously forecast.
Take-Two’s third-quarter net bookings fell 3% to $1.34 billion, in line with analysts’ estimates.
The solid performance of games such as “GTA Online” and the “Red Dead Redemption” series was partially offset by softness in mobile advertising and sales of “NBA 2K” according to Take-Two CEO Strauss Zelnick.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Shinjini Ganguli)
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