Take-Two Interactive Software Inc. Earnings: Beats the Street Despite Profit Decline
Take-Two Interactive Software Inc. (NASDAQ:TTWO) posted lower net income in the third quarter compared with a year-earlier period. Take-Two Interactive Software is a global publisher, developer and distributor of interactive entertainment software and hardware.
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Take-Two Interactive Software Earnings Cheat Sheet for the Third Quarter
Results: Net income for Take – Two Interactive Software Inc. fell to $14.1 million (16 cents per share) vs. $40.9 million (45 cents per share) a year earlier. This is a decline of 65.5% from the year earlier quarter.
Revenue: Fell 29.3% to $236.3 million from the year earlier quarter.
Actual vs. Wall St. Expectations: Take – Two Interactive Software Inc. reported adjusted net income of 27 cents per share. By that measure, the company beat the mean estimate of 15 cents per share. It fell short of the average revenue estimate of $249.2 million.
Quoting Management: “During the fiscal third quarter, we continued to execute strategically, creatively and operationally,” said Strauss Zelnick, Chairman and CEO of Take-Two. “We delivered results that were solidly within our expectations, driven by strong holiday demand for NBA 2K12, our popular catalog titles and digital offerings.”
The company has now beaten estimates the last two quarters. In the second quarter, it topped expectations with a loss of -56 cents versus a mean estimate of a loss of 63 cents per share.
Looking Forward: For the next quarter, analysts are growing pessimistic about the company’s expected results. The average estimate for the fourth quarter is now a loss of 27 cents per share, down from a profit of 34 cents ninety days ago. For the fiscal year, the average estimate has moved from a loss of 11 cents a share to a loss of 69 cents over the last thirty days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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