Take-Two Interactive Software Earnings: Loss Narrows and Tops Forecasts
Take – Two Interactive Software Inc. ‘s (NASDAQ:TTWO) second quarter loss narrowed, beating estimates. 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 narrowed to $12.5 million (loss of 15 cents per diluted share) from $47.4 million (loss of 57 cents per share) in the same quarter a year earlier.
Revenue: Rose more than twofold to $273.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Take – Two Interactive Software Inc. reported adjusted net income of 11 cents per share. By that measure, the company beat the mean analyst estimate of a loss of 23 cents per share. It beat the average revenue estimate of $139.9 million.
Quoting Management: “Take-Two’s second quarter revenue and earnings exceeded our outlook, driven by the breakout success of 2K’s Borderlands two and robust demand for our catalog and digitally delivered offerings,” said Strauss Zelnick, Chairman and CEO of Take-Two. “Our business continues to fire on all cylinders, led by terrific early results from 2K’s NBA 2K13, and the outlook for our upcoming releases such as BioShock Infinite is stronger than ever. As a result, we continue to expect to deliver revenue growth and Non-GAAP profits in fiscal year 2013. Moreover, with Grand Theft Auto V slated for spring 2013, we are poised to generate substantial revenue and earnings growth in fiscal year 2014.”
After two quarters of falling short, the company beat estimates last quarter. In the first quarter, it missed the mark by 46 cents, and in the fourth quarter of the last fiscal year, it came in under estimates by 12 cents.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past month, the average estimate for the third quarter has gone up from 75 cents per share to 83 cents. For the fiscal year, the average estimate has moved up from $1.59 a share to $1.65 over the last thirty days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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