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Take-Two Interactive has presented its financial results for the fiscal third quarter of 2023, revealing that its net bookings grew 60% to $1.38 billion but still didn't manage to achieve the company's expectations.
The CEO Strauss Zelnick believes the reasons for failing to reach the targeted net bookings were "macroeconomic conditions, consumers shifted holiday spending toward established blockbuster franchises and titles that were offered with pricing promotions."
Take-Two's GAAP net revenue increased 56% to $1.41 billion. The profits were led by the studio's successful franchises such as Grand Theft Auto and Red Dead Redemption.
The report states that GTA 5 sold more than 175 million units, while players purchased over 50 million RDR2 copies. At the same time, NBA 2K23 sold over 8 million units.
Due to missing the expected marks, Take-Two is lowering its net bookings for the fiscal year 2023 to $5.2-$5.25 billion. It will implement a cost-cutting program that should save it $50 million with specific opportunities.
"Opportunities include personnel, processes, infrastructure, and other areas, particularly in our publishing and corporate functions."
It's unclear how much of the $50 million will come from layoffs, but the implication is uncomfortable considering recent massive cutdowns by companies like Microsoft and Amazon.
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