Why Take-Two Stock Is Taking Off After Hours

Take-Two Interactive Software Inc TTWO shares are trading higher after the close Wednesday on the heels of the company's fourth-quarter results

What Happened: Take-Two reported fourth-quarter revenue of $1.45 billion, up 56% year-over-year. Recurrent consumer spending, which includes virtual currency, add-on content, in-game purchases and in-game advertising, increased 94%. 

The company said bookings totaled $1.39 billion during the quarter, above company expectations, driven by "Grand Theft Auto V" and "Grand Theft Auto Online," "Red Dead Redemption 2" and Zynga's mobile portfolio.

Take-Two reported a fourth-quarter loss of $610.3 million, or $3.62 per share. The company anticipates a first-quarter net loss of $161 million to $178 million. 

"We also issued guidance for Fiscal 2024, which includes Net Bookings in the range of $5.45 to $5.55 billion. Our forecast reflects the challenging consumer backdrop, as well as an extension of the development timelines for several high-profile, long-awaited titles in our pipeline," said Strauss Zelnick, chairman and CEO of Take-Two.

Take-Two said it expects its next phase of growth to take place in fiscal 2025 and sustain that momentum into fiscal 2026. 

See Also: What's Going On With Robinhood Markets Stock After Hours?

TTWO Price Action: Take-Two shares were up 10.6% after hours at $138.75 at the time of writing, according to Benzinga Pro.

Photo:  from Flickr.

Market News and Data brought to you by Benzinga APIs
Posted In: NewsAfter-Hours CenterMoverswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!