Shares of Take-Two Interactive (NASDAQ: TTWO) were down 2% as of 11:17 a.m. ET on Thursday. While the negative sentiment in the broader market weighed on stocks today, Take-Two's Zynga mobile game subsidiary scooped up another studio to add to its ranks. Take-Two stock has sold off in recent weeks on fears that the slowing mobile market might hurt its business following the acquisition of Zynga earlier this year.
Take-Two Interactive (NASDAQ: TTWO) recently gave investors a lot to think about. The video game giant said in its Q3 earnings update that sales trends are weakening in the mobile-gaming niche that executives had bet on so aggressively in the past year. Take-Two is also delaying a few title launches into 2023.
SAN MATEO, Calif., November 17, 2022--Zynga Inc., a wholly-owned publishing label of Take-Two Interactive (NASDAQ: TTWO), a global leader in interactive entertainment, today announced that its subsidiary Rollic has acquired Popcore, an independent mobile game developer based in Germany. Financial terms were not disclosed.