The U.S. earnings season is in full swing with about 70% of S&P 500 companies having already reported results for the Q4 of 2022. Video gamers Take-Two Interactive Software (TTWO:US) and Activision Blizzard (ATVI:US) both reported on Monday after market hours.

Take-Two reported worse-than-expected results for its fiscal third quarter, and as a result, slashed its full-year guidance. The company reported a loss of $0.91 per share on revenue of $1.41 billion, missing the average analyst estimate for a loss of $0.89 a share and $1.46 billion, respectively. Net bookings, arguably the most important financial metric for video game makers, also missed estimates.

"We are operating in an environment that is in many ways more challenging than we anticipated," the company said.

On the other hand, Activision Blizzard reported better-than-expected earnings, as well as net bookings. The company is still waiting to hear whether its sale to Microsoft can go through. Recent media reports hinted that the UK's competition regulator is set to oppose the $69 billion deal.

The deal with Microsoft will "enable us to better serve our players, create greater opportunities for our employees, and allow us to succeed in an increasingly competitive global gaming industry," Activision said in a press release.

Capitol Trades reported about several Congress members buying and selling ATVI stock ahead of the expected decision on the Microsoft deal. For instance, Congressman Alan Lowenthal bought ATVI stock in December last year after Senator Tommy Tuberville invested between $100,000 - $250,000 in the game maker.

Congressman Ro Khanna was busy selling Take-Two shares in October and September while the stock was trading about 15% higher than current levels.