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Take – Two Interactive Software Inc. (NASDAQ:TTWO) reported its results for the first quarter. 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 Inc. Earnings Cheat Sheet
Results: Loss widened to $110.8 million ($1.30 per diluted share) from $8.7 million (loss of 11 cents per share) in the same quarter a year earlier.
Revenue: Fell 32.4% to $226.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Take – Two Interactive Software Inc. fell short of the mean analyst estimate of a loss of 78 cents per share. It beat the average revenue estimate of $139.9 million.
Quoting Management: “Although our first quarter results were below expectations due to lower-than-anticipated sales of “Spec Ops: The Line” and “Max Payne 3,” the outlook for our slate of upcoming releases is stronger than ever,” said Strauss Zelnick, Chairman and CEO of Take-Two. “Early consumer enthusiasm suggests robust demand for our extraordinary lineup of upcoming releases, particularly Borderlands two, NBA 2K13 and BioShock Infinite. We continue to expect fiscal 2013 to be one of the best years in Take-Two’s history.
The company has now fallen short of estimates in the last two quarters. In the fourth quarter of the last fiscal year, it missed expectations by 12 cents with a loss of 72 cents versus a mean estimate of a loss of 60 cents per share.
Looking Forward: Analysts seem more positive about the company’s results for the next quarter than sixty days ago. The average estimate for the second quarter has moved from a loss of 11 cents a share to a loss of 3 cents over the last sixty days. For the fiscal year, the average estimate has moved down from $2.55 a share to $1.81 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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