Breaking Stories

Earnings Results: Take-Two stock rises following earnings beat

0

Take-Two Interactive Software Inc. shares rose in the extended session following an initial dip Tuesday as the videogame publisher reported a big beat for the quarter.

Take-Two
TTWO,
-0.32%

shares, which at first had been down a little more than 1%, advanced 3.8% after hours, following a 0.3% decline in the regular session to close at $167.69.

Take-Two reported fiscal fourth-quarter net income of $218.8 million, or $1.88 a share, compared with $122.7 million, or $1.07 a share, in the year-ago period.

Revenue rose to $839.4 million from $760.5 million in the year-ago quarter. Analysts had forecast 97 cents a share on revenue of $746 million.

Take-Two forecast earnings of $1 to $1.10 a share on revenue of $730 million to $780 million for the first quarter, and $1.95 to $2.20 a share on revenue of $3.14 billion to $3.24 billion for the year.

Analysts surveyed by FactSet had estimated 64 cents a share on revenue of $593 million for the first quarter, and $4.23 a share on revenue of $3.45 billion for the year.

“We currently expect our fiscal 2022 net bookings to range from $3.2 billion to $3.3 billion, marking the second year in a row with net bookings in excess of $3 billion,” said Strauss Zelnick, Take-Two’s chairman and chief executive, on a conference call.

“We expect to achieve sequential growth in fiscal 2023, and over the next few years we believe that we will establish new records of operating results even above the spectacular performance we delivered this past year,” Zelnick said.

Take-Two publishes such franchises as “Grand Theft Auto” and “Red Dead Redemption” under its Rockstar Games label, and “Borderlands” and “NBA2K” under its 2K label.

Over the past 12 months, Take-Two shares have advanced 25%, while the iShares Expanded Tech-Software Sector ETF 
IGV,
+0.05%

is up 35%, the S&P 500 index 
SPX,
-0.85%

has gained 40%, and the tech heavy Nasdaq Composite Index 
COMP,
-0.56%

is up 45%.

Currencies: Forex traders take Fed at its word as popular currency index tests 3-month low

Previous article

The Margin: Lollapalooza returns to Chicago lakefront in July after pandemic pause

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *