Take-Two Interactive Posts Wider Loss, But Tops View

(RTTNews) - Take-Two Interactive Software, Inc. (TTWO) Tuesday reported second-quarter net loss of $124.1 million or $1.40 per share, compared to $12.5 million or $0.15 per share last year.

Adjusted earnings for the quarter rose to $2.49 per share from $0.11 per share last year. Analysts polled by Thomson Reuters expected earnings of $1.72 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net revenues for the quarter dropped to $148.8 million from $273.1 million a year ago. Adjusted net revenues for the quarter were $1.27 billion compared to $288.0 million last year. Analysts estimated revenues of $953.86 million for the quarter.

Looking forward to the third quarter, Take-Two expects adjusted earnings of $1.20 to $1.35 per share, and revenues of $650 million to $700 million. Analysts currently estimate earnings of $1.22 per share on revenues of $640.89 million.

For the fiscal year 2014, the company now forecasts adjusted earnings of $3.50 to $3.75 per share and adjusted revenues of $2.20 billion to $2.30 billion. Analysts currently estimate earnings of $2.80 per share on revenues of $2.03 billoin.

Previously, the company anticipated full year 2014 adjusted earnings of $2.25 to $2.50 per share and revenues of $1.775 billion to $1.875 billion.