Take-Two Interactive Software (NASDAQ:TTWO) shares plunged more than 14% intra-day today after the company reported a Q2 miss and outlook cut.
Q2 EPS came in at ($1.54), worse than the Street estimate of $1.38. Revenue was $1.39 billion, missing the Street estimate of $1.56 billion. Macro headwinds, such as IDFA and weakening consumer spending (tied to inflation), are starting to increasingly impact The company’s business.
The company provided its fiscal 2023 outlook, expecting EPS to be in the range of ($4.22)-($3.95), compared to the Street estimate of $4.81. Full-year revenue is expected in the of $5.41-5.51 billion, worse than the Street estimate of $5.885 billion.