Take-Two forecasts weak annual sales as lack of major titles hits gaming industry

:Take-Two Interactive Software Inc on Monday became the latest videogame publisher to forecast weak annual sales, providing further evidence that absence of major releases and easing COVID-19 curbs have reined in the industry's growth.The"Grand Theft Auto" publisher said it expects full-year adjusted sales between $5.8 billion and $5.9 billion. Analysts expected $6.32 billion, according to Refinitiv data.

"I don't believe the entertainment business is recession proof or even necessarily recession resistant," said Take-Two Chief Executive Officer Strauss Zelnick, adding that the decline in consumer spending and increase in inflation will have an impact on the industry.

Technology Technology Latest News, Technology Technology Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Take-Two forecasts annual adjusted sales below estimates on waning demand:Take-Two Interactive Software Inc forecast its annual adjusted sales below expectations on Monday, crippled by waning demand for many of its titles as easing of COVID-19 constraints dampens stay-at-home gaming.Shares of the New York-based company, which fell nearly 30 per cent this year, dropped 7 per cent i
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »