What happened

Tuesday was a day to forget for Take-Two Interactive (TTWO 1.84%). The company's stock crumbled by nearly 8% on the back of quarterly results that were not well received by investors.

So what

All in all, Take-Two, one of the more prominent video game developers and publishers, didn't have a bad quarter. In announcing its first-quarter 2022 figures Monday after market close, the company revealed that its revenue came in at $813 million, on net bookings of $711 million. While both metrics were down from the respective $831 million and $996 million Take-Two made in the same period last year, they topped both the company's guidance and the average analyst estimate for net bookings of $686 million.

Woman on a couch playing a video game.

Image source: Getty Images.

On the bottom line, GAAP net income went in the opposite direction, rising 72% to just over $152 million ($1.30 per share). On an adjusted basis, the latter figure was $1.01. Again, this was well above analyst projections; collectively, those folks were anticipating only $0.89 per share.

Take-Two said the declines in revenue and bookings were due to a softening of demand, which was extraordinarily high in the thick of the pandemic last year.

Now what

Take-Two reiterated its guidance for the entire fiscal 2022. The company is forecasting GAAP net revenue of $3.14 billion to $3.24 billion on net bookings ranging from $3.2 billion to $3.3 billion, with adjusted per-share net income of around $3.87. But those numbers didn't meet analyst estimates of $3.42 billion for revenue, and $4.80 per share in adjusted earnings.