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Markets News

UPDATE 1-Take-Two raises annual adjusted sales forecast on lockdown boost

(Adds details on revenue, background)

Nov 5 (Reuters) - Take-Two Interactive Software Inc on Thursday raised its annual adjusted revenue forecast after beating quarterly estimates, betting on strong demand for its games “Grand Theft Auto V” and “NBA 2K21” this holiday season from stay-at-home gamers.

Demand from stay-at-home gamers continues to boost videogame sales in the quarter, as new COVID-19 cases surge in several parts of the United States, forcing people to remain indoors.

Data from research firm NPD showed nearly $34 billion in videogame sales in the United States between January and September, up 21% compared to the same period last year.

The quarter also benefited from the release of the latest title in its annualized basketball franchise, “NBA 2K21”, in September. The title was one of the highest-selling games of that month, according to NPD.

Take-Two raised its full-year adjusted revenue forecast to a range of $3.15 billion to $3.25 billion from $2.80 billion to $2.90 billion. Analysts on average estimate $3.04 billion, according to IBES data from Refinitiv.

On an adjusted basis, the game publisher reported revenue of $957.5 million for the second quarter ended Sept. 30, beating estimate of $856.6 million. (Reporting by Ayanti Bera in Bengaluru; Editing by Vinay Dwivedi and Maju Samuel)

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