Take-Two Earnings: Tops Analyst Estimates and Shares Climb
Take-Two Interactive Software Inc. (NASDAQ:TTWO) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 6.64%.
Take-Two Interactive Software Inc. Earnings Cheat Sheet
Results: Net income increased 406.38% to $71.4 million (67 cents per diluted share) in the quarter versus a net gain of $14.1 million in the year-earlier quarter.
Revenue: Rose 75.94% to $415.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Take-Two Interactive Software Inc. reported adjusted net income of 67 cents per share. By that measure, the company beat the mean analyst estimate of $0.54. It beat the average revenue estimate of $361.94 million.
Quoting Management: “Take-Two’s positive business momentum continued in the third quarter, enabling us to deliver growth and profits that exceeded our outlook,” said Strauss Zelnick, Chairman and CEO of Take-Two. “Our results benefited from the record-breaking launch of NBA 2K13, along with continued strong demand for Borderlands 2, the successful launch of XCOM: Enemy Unknown, and robust holiday sales of our catalog and growing portfolio of digitally delivered offerings. With consumer anticipation building for the launches of BioShock Infinite and Grand Theft Auto V, we are well positioned for a solid finish to fiscal year 2013 and substantial revenue and earnings growth in fiscal year 2014…