Take-Two Interactive Results Top Estimate, Lifts FY Guidance; Stock Up 7%

(RTTNews) - Video game publisher Take-Two Interactive Software Inc (TTWO) Wednesday reported second-quarter net loss of $41.4 million or $0.51 per share compared with a loss of $124 million or $1.40 per share last year.

Excluding items, adjusted loss for the quarter was $0.44 per share compared witth a profit of $2.49 per share a year ago.

Analysts polled by Thomson Reuters estimated a loss of $0.59 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter were 126.3 million compared with $148.8 million last year.

Adjusted revenues for the quarter were $135.4 million compared with $1.27 billion in the prior year, which benefited from the launch of Grand Theft Auto V.

Analysts estimated revenues of $110.9 million for the quarter.

Total expenses for the quarter decreased to $122.8 million from $174.3 million last year.

For the third quarter, the company expects earnings of $1.35 to $1.45 per share on revenues of $745 million to $760 million. Analysts expect earnings of $1.21 per share on revenues of a $778.6 million.

For the full year, Take Two now expects earnings of $1.05 to $1.30 per share on revenues of $1.4 billion to $1.5 billion, up from prior guidance of $0.80 to $1.05 per share in earnings and $1.35 billion to $1.45 billion in sales.