Take-Two's Q3 Sales Dip Leads to Cost Cutting Efforts
TL;DR Summary
Take-Two's Q3 sales dipped 3% year-over-year, with net revenue at $1.37 billion and a net loss of $91.6 million, but the company beat its guidance despite softness in NBA 2K24 sales. CEO Strauss Zelnick announced plans for a "more robust" cost reduction plan, citing the need for efficiency ahead of an extraordinary pipeline. The company's mobile performance and debuts from Zynga were highlighted, but layoffs have already occurred, and full-year guidance was lowered due to NBA 2K24's softness and weakness in mobile advertising.
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