Take-Two Interactive (TTWO) shared its results for Q1 2023 today and among the noteworthy information featured in the earnings report is how the company’s Fiscal 2023 is reportedly “off to a strong start” in spite of cuts to its full year revenue guidance. Updated guidance sees Take-Two expecting to deliver $5.8 to $5.9 billion in Net Bookings as it adds Zynga, which it recently acquired, into the mix.
GAAP net revenue is expected to range from $5.73 to $5.83 billion.
GAAP net loss is expected to range from $438 to $398 million.
GAAP net loss per share is expected to range from $2.75 to $2.50.
Share count used to calculate GAAP net loss per share is expected to be 159.2 million.
Share count used to calculate management reporting diluted net income per share is expected to be 161.0 million.
Net cash provided by operating activities is expected to be over $710 million.
Adjusted Unrestricted Operating Cash Flow (Non-GAAP) is expected to be over $700 million.
Capital expenditures are expected to be approximately $135 million.
Net Bookings (operational metric) are expected to range from $5.8 to $5.9 billion.
EBITDA (Non-GAAP) is expected to range from $499 to $548 million.
Zelnick goes on to note that Take-Two remains “exceedingly optimistic about the long-term growth potential for the mobile industry” in addition to the company’s ability to “create greater shareholder value as a combined entity with Zynga.”
The new forecast comes as Take-Two takes into account adjustments to its release slate this year along with “foreign currency pressures, and macroeconomic and geopolitical uncertainty.” Following Take-Two’s earnings report, stock fell over 8 percent.
Stock fell over 8 percent following Take-Two Interactive's latest earnings report.