The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
May 13 (Reuters) - Take-Two Interactive Software Inc reported lower-than-expected quarterly revenue and forecast first-quarter sales below analysts' expectations, as it faces competition from "battle royale" sensations including "Fortnite", "PUBG" and "Apex Legends".
The company, however, met its fourth-quarter forecast of $450 million to $500 million and its adjusted earnings of 78 cents per share beat expectations of 75 cents.
On an adjusted basis, the game publisher's revenue in the reported quarter ended March 31 stood at $488.4 million, missing the average analyst estimate of $506.5 million.
New York-based Take-Two forecast first-quarter revenue of $310 million to $360 million, compared with analysts' estimates of $418.3 million.
For the full year, it expects adjusted revenue between $2.5 billion and $2.6 billion, below estimates of $2.95 billion, according to IBES data from Refinitiv.
U.S. videogame producers are known to typically give outlook below market expectations, but almost always beat them.
The rapid rise of online, free-to-play games with engaging formats has challenged the dominance of traditional game publishers, such as Take-Two, in the past year.
The battle royale format, which allows dozens of players to battle each other to the death until the last survivor, became wildly popular in 2018 thanks to "PUBG" and Epic Games' "Fortnite", two games that are also credited with introducing newer audiences to gaming.
Rivals Electronic Arts and Activision Blizzard also forecast revenue below estimates, adding to fears that competition from free-to-play battle royale games was continuing to eat into sales of big game publishers.
Take-Two's net income fell to $56.8 million, or 50 cents per share, from $90.9 million, or 77 cents per share, a year earlier. (Reporting by Arjun Panchadar in Bengaluru; Editing by Shinjini Ganguli)