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Video game publisher
Take-Two InteractiveTTWO released its fiscal first-quarter earnings results after the closing bell on Tuesday.
The company's adjusted earnings per share and revenue easily topped analysts' consensus estimates. Take-Two also lifted its outlook for the fiscal year. In late trading, the stock was last up around 1.50 percent to $17.25.
Related:Tuesday's biggest market moversManagement Commentary
“Our better-than-expected first quarter results demonstrate that the market remains strong for the highest-quality interactive entertainment,” said Strauss Zelnick, Chairman and CEO of Take-Two. “We continue to benefit from robust demand for our recent genre-leading releases, iconic catalog titles and growing portfolio of innovative digitally delivered offerings.
“With
Grand Theft Auto V launching on September 17th, followed by the releases of
and
WWE® 2K14, fiscal 2014 is poised to be one of our best years ever. Looking ahead, we are well-positioned to capitalize on the opportunities presented by the upcoming launches of the next-generation consoles. We have an extensive development pipeline, highlighted by proven franchises and groundbreaking new intellectual property. As a result, we expect to continue to deliver Non-GAAP profits in fiscal 2015 and for the foreseeable future.”
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Take-Two reported a net loss of $61.9 million or $0.71 per share, versus $110.8 million or $1.30 per share, in last year's corresponding period.
On an adjusted basis, the company reported a net loss of $47.1 million or $0.54 per share, compared to a loss of $98.8 million or $1.16 per share, last year. This beat analysts' consensus EPS estimates calling for a loss of $0.57.
Revenue in the period fell to $142.7 million from $226.1 million in last year's first-quarter. On an adjusted basis, net revenue was $144.3 million from $226.1 million last year. This also came in ahead of analysts' consensus revenue estimates of $124.68 million.
Q2 and Full-Year Outlook
For the upcoming second-quarter, Take-Two guided for adjusted earnings per share of $1.20 to $1.35 on revenue of $750 million to $800 million. This compares to current consensus calling for EPS of $1.57 on revenue of $814.60 million for the fiscal second-quarter.
For the full-year, Take-Two lifted its adjusted earnings and revenue range. The company now expects EPS of $2.25 to $2.50 on revenue of $1.775 billion to $1.875 billion. This compares to its previous forecast calling for EPS of $2.05 to $2.30 on revenue of $1.75 billion to $1.85 billion. Currently, analysts expect the video game publisher to earn $2.35 per share on revenue of $1.85 billion for the full-year.
Related:Technology stocks lead the Nasdaq higher on Tuesday.Loading...
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