TTWO has fallen nearly 18%
Shares of gaming company Take-Two Interactive (TTWO) have fallen nearly 18% since it announced its earnings results for the second quarter of fiscal 2019 (which ends in March) on November 7.
The stock fell more than 5% on December 5 after Forbes senior contributor Paul Tassi claimed that the economy of Red Dead Online “seems broken to the point where it’s hard to know what Rockstar was thinking releasing it in this state,” noting that the “earn rate for both types of currency is painfully slow,” and doesn’t support the “ludicrous” pricing of items such as weapons.
Revenue of $493 million in the quarter
Last month, Take-Two announced its fiscal 2019 second-quarter results and reported sales of $493 million, a rise of 11% year-over-year. Its non-generally accepted accounting principles EPS came in at $1.05. Analysts had expected the company to post EPS of $0.93.
Its sales in the previous quarter were driven by games such as Grand Theft Auto V and the online multiplayer Grand Theft Auto Online. TTWO also launched NBA 2K19, the biggest launch for the franchise, in September.
Broader market weakness has also driven Take-Two stock down.