Take-Two Interactive Software, Inc (TTWO) Posts Q3 In-Line Outlook

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Take-Two Interactive Software, Inc. (NASDAQ:TTWO) posted its latest quarterly earnings results after hours today.

Take-Two Interactive Software, Inc (TTWO)The video game studio reported third-quarter net bookings of $653.9 million, missing the year-ago mark of $744.8 million. Net revenue came in at $480.8 million, coming in ahead of the year-ago third quarter total of $476.5 million.

Net income for the period was $25.1 million, or 21 cents per share, below the year-ago totals of $29.8 million, or 33 cents per share for Take-Two Interactive Software. Its income was affected by the changes in the U.S. tax code, offering the company a benefit $11.9 million, or 10 cents per share.

One of the company’s biggest hits continues to be the Rockstar title Grand Theft Auto V, which topped the mark of 90 million sales sold-in to retailers and sold-through digitally worldwide. The 2013 open-world crime adventure game continues to be among its largest sellers.

“Our stellar results were highlighted by record recurrent consumer spending on both Grand Theft Auto Online and NBA 2K18, robust ongoing sales of Grand Theft Auto V, and the successful launch of WWE 2K18,” Take-Two CEO Strauss Zelnick said.

The company increased its adjusted revenue forecast to reach $1.99 billion to $2.04 billion for the year ending March 31, up from a previous forecast of $1.93 billion to $2.03 billion. Analysts are calling for full-year revenue of $2.02 billion, per Thomson Reuters.

For its fourth quarter, Take-Two is calling for adjusted revenue of $410 million to $460 million, in line with the Wall Street consensus estimate of $442.1 million.

TTWO stock declines 3.5% after the bell Wednesday.


Article printed from InvestorPlace Media, https://investorplace.com/2018/02/take-two-interactive-software-ttwo/.

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