Take-Two Interactive Software Beats Q3 Views, Boosts Outlook

Take-Two Interactive Software, Inc. TTWO shares gained after the company beat quarterly expectations and boosted its forecast on Tuesday evening.

Shares of the New York-based game maker rose 7 percent recently, to $32 a share.

Take-Two forecast 2015 adjusted earnings of $1.65 to $1.75 a share, on adjusted revenue of $1.65 billion to $1.70 billion.

Previously it expected 2015 adjusted earnings of $1.05 to $1.30 a share, on revenue of $1.4 billion to $1.5 billion.

For the fourth quarter ending March 31, Take-Two predicted adjusted earnings of $0.15 to $0.25 a share, on revenue of $410 million to $460 million.

Wall Street expects fourth-quarter adjusted profit of $0.25 a share, on revenue of $437.4 million.

Take-Two posted third-quarter adjusted income of $1.87 a share, on adjusted revenue of $954 million.

Wall Street expected adjusted earnings of $1.52 a share on adjusted revenue of $797.7 million.

Net third-quarter income fell to $40.1 million, or $0.42 a share, from $578.4 million, or $4.69 a share, for the year-ago period, while revenue declined to $531.1 million, from $1.86 billion.

Results fell because the year-earlier period included results related to "sell-in" of the Grand Theft Auto V game, the company said.

In addition, net results for fiscal third quarter 2015 include deferred revenue and cost of goods sold related to sell-in of Grand Theft Auto V during the quarter, Take-Two said.