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Take-Two forecasts fourth-quarter adjusted sales below estimates -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: You can see stacks of “Grand Theft Auto IV,” as they are on sale in a GameStop New York store. The popular Rockstar Games title was on sale in America at midnight. REUTERS/Lucas Jackson/File Ph

(Reuters) – Take-Two, (NASDAQ: Interactive Software Inc) Monday forecast fourth quarter adjusted sales lower than market estimates. This is a signal that the video-gaming boom spurred by the pandemic’s end was waning.

According to Refinitiv IBES data, analysts estimated that the publisher of videogames would earn $924.24 Million.

Videogame sales surged after the pandemic, when people had less outdoor entertainment choices. But the boom is now over.

Rival Activision Blizzard Inc. (NASDAQ: ) also failed to meet market expectations for last week’s sales, Electronic Arts Inc (NASDAQ:) Its annual sales forecast was reduced as less gamers purchased its latest titles.

Take-Two reported adjusted sales of $866.1 Million for its third quarter ending Dec. 31, which was below expectations of $874.56 millions.

The net income of the company fell from $182.2 million or $1.57 a share to $144.5million in 2014, to $1.24 per diluted share.

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