👀 Copy Legendary Investors' Portfolios in One ClickCopy For Free

Videogame Stocks Blasted Midday; EA, Activision, Take-Two Hit Hard

Published 02/06/2019, 11:15 AM
Updated 02/06/2019, 11:35 AM
© Reuters.
ATVI
-
EA
-
TTWO
-
ZNGA
-
XLC
-

Investing.com - Investors were looking for the reset button as videogame stocks slumped in midday trade Wednesday after two of the top players reported disappointing numbers.

Electronic Arts (NASDAQ:EA) slumped 12% after its results numbers came in lower than expected, while Take-Two (NASDAQ:TTWO) shares sank 10% after its forecasts fell short of estimates.

Electronic Arts cited “intense competition” for its revenue miss for the fiscal third quarter.

Meanwhile, Take-Two said revenue in the quarter ending in March will be $450 million to $500 million, well below the $601 million anticipated by analysts polled by Refinitiv.

The weak numbers also weighed on Activision Blizzard (NASDAQ:ATVI), which fell 8.5%, while Zynga Inc (NASDAQ:ZNGA) slipped 4% ahead of its earnings report after the close.

The Communication Services Select Sector ETF (NYSE:XLC) lost 1.8%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.