TakeTwo Earnings: TTWO Stock Soars 5% on Q1 Revenue Increase

TakeTwo (NASDAQ:TTWO) earnings for the video game company’s fiscal first quarter of 2021 have TTWO stock heading higher after hours Monday. That comes after reporting diluted earnings per share of 77 cents and revenue of $831.31 million. Wall Street was expecting a diluted EPS of $1.60 on revenue of $843.68 million.

TakeTwo (TTWO) logo on white background of smartphone screen

Source: rafapress / Shutterstock.com

Let’s take a closer look at the most recent TakeTwo earnings report below.

  • Diluted per-share earnings are up 87.8% from 41 cents during the same period of the year prior.
  • Revenue for the quarter is sitting 54% higher than the $540.46 million reported in fiscal Q1 2020.
  • Operating income of $82.14 million is a 58.8% increase year-over-year from $51.73 million.
  • The TakeTwo earnings report also has net income coming in at $88.51 million.
  • That’s a 91.2% increase over the company’s net income of $46.28 million from the same time last year.

Strauss Zelnick, chairman and CEO of TakeTwo, said this about the earnings report.

“Fiscal 2021 is off to a terrific start with first quarter operating results that significantly exceeded our expectations, including fiscal first quarter records for GAAP net revenue and Net Bookings. Our extraordinary results were driven primarily by the outperformance of NBA 2K20, Grand Theft Auto V and Grand Theft Auto Online, Red Dead Redemption 2 and Red Dead Online, and Social Point’s mobile games.”

TakeTwo also provides guidance for 2020 in its current earnings report. It expects diluted EPS of $3.04 to $3.30 on revenue of $2.8 billion to $2.9 billion. Wall Street’s estimates include diluted EPS of $3.91 on revenue of $2.75 billion for the year.

TTWO stock was up 4.6% after markets closed on Monday.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/08/taketwo-earnings-push-ttwo-stock-higher/.

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