(Reuters) – Take-Two Interactive Software Inc cut its annual sales forecast on Monday, the latest videogame publisher to be hit by this year’s dollar spike and a broader gaming industry slump.
Shares of the company were down nearly 10% in extended trading.
The easing of COVID-19 curbs, an over 15% rise in the dollar this year and lower spending by consumers facing decades-high inflation have all put the brakes on the sector’s growth. Rival Electronic Arts also cut its annual forecast last week.
Take-Two said it now expects full-year adjusted sales to be between $5.4 billion and $5.5 billion, compared with $5.8 billion to $5.9 billion projected earlier.
Analysts expected a figure of $5.89 billion, according to Refinitiv data.
(Reporting by Tiyashi Datta and Aditya Soni in Bengaluru; Editing by Shailesh Kuber)