The company forecast full-year revenue of $4.9 billion, below expectations of $5.2 billion.
Electronic Arts posted earnings of 86 cents a share on revenue of $1.3 billion in its fiscal third quarter. The company had been expected to report earnings of $1.94 a share on sales of $1.8 billion, based on a FactSet survey of 30 analysts.
"Q3 was a difficult quarter for Electronic Arts and we did not perform to our expectations," said Andrew Wilson, CEO of Electronic Arts, in a statement.
Wilson added that "significant challenges" it faced in the third quarter would continue into the current period.
Take-Two posted net income of $179.9 million, or $1.57 a share, up significantly from $25.1 million, or 21 cents a share, a year earlier. However, Take-Two also said it received a $108.7 million tax benefit in the quarter related to deferred tax assets.
Take-Two said it it expects fiscal fourth-quarter earnings of 67 cents to 77 cents a share on net revenue of $530 million to $580 million. Analysts were looking for profit of 84 cents a share on sales of $609 million.