Take-Two's (TTWO) Unit 2K Announces the Release of WWE 2K23
Take-Two Interactive TTWO division 2K announced the newest installment of the WWE game franchise, WWE 2K23, developed by Visual Concepts.
WWE 2K23 features four editions of the game: standard, cross-gen, deluxe, and icon, with the later versions already available.
The standard and cross-gen will be available from Mar 17, with pre-orders commencing on Mar 14.
The latest game features stronger enhancements to existing modes with an improved look and feel. All editions showcase different images of 16-time world champions and the iconic WWE superstar John Cena as its cover star celebrating 20 years of his WWE career.
WWE 2K23 also features an array of new attributes and improvements, including its debutant WarGames, the much anticipated and action-packed mode.
Take-Two Interactive Software, Inc. Price and Consensus
Take-Two Interactive Software, Inc. price-consensus-chart | Take-Two Interactive Software, Inc. Quote
WWE 2K23 introduces music artist Bad Bunny with its bonus pack, including a playable Bad Bunny character. The bonus pack is included with deluxe and icon Editions, whereas gifted under a pre-order bonus offer to standard and cross-gen edition buyers.
The latest WWE2K strengthens Take-Two’s gaming portfolio, including popular franchises like Grand Theft Auto (GTA), NBA 2K, Red Dead Redemption and Borderlands.
Take-Two’s acquisition of Zynga expanded its mobile game footprint. It currently has 20 mobile games in the pipeline, headlined by a mobile version of the popular franchise GTA. The mobile version of GTA: The Definitive Edition is set to be released later this month.
Take-Two Underperforms Sector & Peers
Take-Two continues to face stiff competition from the likes of Activision Blizzard ATVI and Electronic Arts EA in the video gaming space.
Take-Two’s shares have underperformed the Zacks Consumer Discretionary, as well as Activision and EA.
Take-Two’s shares have declined 23.8% in the past year. The Zacks Consumer Discretionary sector has declined 21.5% over the same time frame.
Shares of Activision have gained 0.2%, while EA shares have declined 10% in the past year.
Take-Two has been suffering from the reversal of the pandemic trends and challenging economic conditions globally. Rising operating expenses have impacted bottom-line growth.
In third-quarter fiscal 2023, this Zacks Rank #4 (Sell) company reported a loss of 91 cents per share against the year-ago quarter’s earnings of $1.24 per share.
Net revenues jumped 55.9% year over year to $1.41 billion, benefiting from strong adoption titles, including NBA 2K22 and NBA 2K23, GTA Online and GTA V, Empires & Puzzles, Rollic's hyper-casual portfolio, Toon Blast, Red Dead Redemption 2 and Red Dead Online, Words With Friends, Merge Dragons! and Toy Blast.
A Stock to Consider
Netflix, which currently has a Zacks Rank #2 (Buy), is a stock worth considering in the broader sector. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Netflix has entered the video game space with mobile games and thanks to its strong content portfolio it has been dominating the streaming industry.
Netflix shares have moved down 15.1% in the past year, outperforming Take-Two.
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