Take-Two Interactive Posts Upbeat Q4 Earnings, But Revenue Misses Views

reported better-than-expected earnings for the fourth quarter, but the company's revenue missed analysts' estimates. The company also raised its share buyback plan to 10 million shares. The New York-based company reported a quarterly loss of $242.8 million, or $2.99 per share, versus a year-ago loss of $30.8 million, or $0.40 per share. Excluding items, the company's adjusted earnings climbed to $0.49 per share from $0.21 per share Its GAAP net revenue climbed 54 percent to $300.1 million from $195.2 million, while non-GAAP revenue surged to $427.7 million from $233.2 million. Analysts were expecting earnings of $0.27 per share on revenue of $458.94 million. The average estimate among 17 Estimize users was for earnings of $0.27 per share and revenue of $455.11 million. As of March 31, 2015, Take-Two Interactive had $1.098 billion in cash and short-term investments balance, versus $976.6 million as of December 31, 2014. "Our strong fourth quarter revenues and better-than-expected Non-GAAP profits marked an outstanding close to one of our Company's best years ever," said Strauss Zelnick, Chairman and CEO of Take-Two. "During fiscal 2015, we seamlessly launched five triple-A titles for the holiday season led by Grand Theft Auto V and NBA 2K15; added an exciting new franchise with the successful release of Evolve; and achieved record digitally-delivered revenue, including our highest-ever revenues from recurrent consumer spending." For FY16, Take-Two Interactive expects adjusted earnings of $0.75 to $1 per share on adjusted revenue of $1.3 billion to $1.4 billion. Analysts had projected earnings of $1.29 per share on revenue of $1.52 billion. For the first quarter, the company projects adjusted earnings of $0.25 to $0.35 per share on adjusted revenue of $325 million to $350 million. Analysts had expected a loss of $0.02 per share on revenue of $200 million. Take-Two Interactive shares gained 6.20 percent to $25.70 in the after-hours trading session.