Grand Theft Auto Parent Shuts Two Iconic Game Studios as Part of Sweeping Layoffs
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 02 2024
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Source: Benzinga
- Take-Two Interactive Layoffs: Take-Two Interactive Software Inc plans to close subsidiaries Roll7 and Intercept Games, affecting around 70 jobs.
- Industry-Wide Layoffs: Major players in the gaming industry like Sony, EA, Microsoft, Tencent, and ByteDance have also announced layoffs and closures of subsidiaries.
- Disney and Netflix Focus on Gaming: Disney invested $1.5 billion in Epic Games, while Netflix aims to double its gaming library by adding 90 more titles in 2024.
- Stock Performance: Take-Two Interactive Software stock gained over 17% in the last 12 months; investors can access it through Roundhill Video Games ETF and Global X Video Games & Esports ETF.
- Current Stock Price: TTWO shares closed at $142.74 on Wednesday, down by 0.05%.
Analyst Views on EA
Wall Street analysts forecast EA stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for EA is 215.00 USD with a low forecast of 210.00 USD and a high forecast of 250.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
8 Analyst Rating
2 Buy
6 Hold
0 Sell
Hold
Current: 204.150
Low
210.00
Averages
215.00
High
250.00
Current: 204.150
Low
210.00
Averages
215.00
High
250.00
About EA
Electronic Arts Inc. is a digital interactive entertainment company. The Company develops and delivers games, content and online services for Internet-connected consoles, mobile devices and personal computers. It develops and publishes games and experiences across diverse genres, such as sports, racing, first-person shooter, action, role-playing and simulation. Its portfolio of brands includes EA SPORTS FC, Battlefield, Apex Legends, The Sims, EA SPORTS Madden NFL, EA SPORTS College Football, Need for Speed, Dragon Age, Titanfall, Plants vs. Zombies and EA SPORTS F1. The Company also offers live services, including extra content, subscription offerings and other revenue generated outside of the sale of its full games. It primarily distributes its console products and services through partners, such as Sony and Microsoft. It distributes its mobile applications and additional content through distributors such as Apple and Google.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
