Take-Two deepens videogame industry gloom with annual forecast cut By Reuters

(Reuters) – Take-Two (NASDAQ:) 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 (NASDAQ:) 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.