Video game maker Take-Two Interactive Software TTWO reported third-quarter earnings Monday afternoon and provided guidance for the rest of the fiscal year.
What Happened: Third-quarter revenue of $860.9 million for Take-Two came in ahead of street estimates of $747 million. The company’s adjusted earnings per share of $1.24 beat the estimate of 96 cents per share for the third quarter.
The largest contribution to the fourth quarter was catalog sales, with catalog making up $500 million of the $814.3 million net bookings quarter.
The third quarter was led by games like “NBA 2K21,” “NBA 2K20,” “Grand Theft Auto Online,” “Grand Theft Auto V,” “Red Dead Redemption 2” and “Red Dead Online.”
Net bookings were up 30% in the third quarter for recurrent consumers. Recurrent spending made up 58% of the total net bookings.
“Grand Theft Auto V” is expected to be released for new consoles from Sony Corp SNE and Microsoft Corporation MSFT. The game will be available on the PlayStation 5 and Xbox Series X in fiscal 2022.
Related Link: Why Take-Two Doesn’t Need To Rush Grand Theft Auto VI
What’s Next: The company is guiding for fourth-quarter revenue of $702 million to $752 million, ahead of the Street consensus of $578.9 million.
The company sees full-year revenue hitting $3.24 billion to $3.29 billion versus a street consensus of $3.3 billion.
Full-year earnings per share guidance calls for a range of $4.08 to $4.18.
Shares of Take-Two are down 4.2% to $204.27 in after-hours trading. Shares hit a new 52-week high of $214.91 earlier on Monday.
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