Shares of Take-Two Interactive Software (NASDAQ: TTWO) are down about 4.3% in pre-open trading Tuesday after the company reported mixed FQ1 earnings after the close.

The video game maker reported earnings per share of $1.30 to easily top the $1.11 market consensus. Sales came in at $813.3 million, down from $831.3 million a year ago, but still higher than the $737.8 million consensus.

“We began fiscal 2022 with positive momentum, which was reflected in our ability to deliver first quarter operating results which were above our expectations. During the period, we continued to invest in our future, including growing our creative teams and expanding our mobile business and expertise further,” said Strauss Zelnick, Chairman, and CEO of Take-Two.

However, shares fell after the company presented disappointing guidance. TTWO projects Q2 earnings between $0.35 and $0.45 per share to miss on the $0.47 a share revenue expected from the surveyed market analysts.

On an annual basis, Take-Two is looking to earn between $1.95 to $2.20 a share on sales ranging from $3.14 billion to $3.24 billion. This is again lower than the Street consensus of $2.87 a share on revenue of $3.3 billion.

“For the year, we are reiterating our outlook, as there has been some movement in our release schedule, including two of our immersive core titles shifting to later in fiscal 2022 than contemplated by our prior guidance,” Zelnick commented.

On two delays, the CEO said TTWO needs “more time to polish them and make sure they’re best title they possibly can be.”

Barclays analyst Mario Lu lowered the price target to $210.00 per share from $230.00 on the Overweight-rated stock as he remains bullish.

“FY22 guidance was only reiterated despite the slight beat in the quarter as a couple of core immersive titles (likely Tiny Tina's Wonderland and 2K's undisclosed new franchise) are shifted to later in the fiscal year, offset by the acquisition of Nordeus. Stepping back from the print, we continue to view TTWO as one of our favorite picks in the video game space as we believe the expanded and enhanced GTA V/ GTA Online set to release on November 11th will drive much of the upside in 2H22,” Lu wrote in a note.

Truist analyst Matthew Thornton maintained his “Buy” rating and a $220.00 per share price target following the FQ1 print.

“F1Q results and F2Q guidance were solid (both slightly better than our preview). However, we are disappointed/surprised by the full-year guide (bookings/EPS reaffirmed, though RCS raised) due to delayed/later launches of 2 of the immersive core titles (some economics could be pushed from F22 into F23). The company reaffirmed its out-year commentary (no change to multi-year view) and noted its outlook re 1) the pandemic/ opening-up and 2) IDFA as being unchanged,” Thornton said in a client note.