:Take-Two Interactive Software Inc on Monday became the latest videogame publisher to forecast weak annual sales, providing further evidence that absence of major releases and easing COVID-19 curbs have reined in the industry's growth.The"Grand Theft Auto" publisher said it expects full-year adjusted sales between $5.8 billion and $5.9 billion. Analysts expected $6.32 billion, according to Refinitiv data.
"I don't believe the entertainment business is recession proof or even necessarily recession resistant," said Take-Two Chief Executive Officer Strauss Zelnick, adding that the decline in consumer spending and increase in inflation will have an impact on the industry.
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