Take-Two Profit Tops Estimates, Sales Misses

(RTTNews) - Video game publisher Take-Two Interactive Software Inc (TTWO) on Monday said its fourth-quarter net loss sharply widened to $242.8 million or $2.99 per share from $30.8 million or $0.40 per share last year.

Excluding items, adjusted earnings for the quarter were $0.49 per share, compared with earnings of $0.21 per share a year ago.

On average, 14 analysts polled by Thomson Reuters estimated earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter surged 54% to $300.1 million from $195.2 million last year.

Adjusted revenues for the quarter jumped 83% to $427.7 million from $233.2 million in the prior year. Fifteen analysts had a consensus revenue estimate of $459 million.

For the first quarter, the company expects adjusted earnings of $0.25 to $0.35 per share on adjusted revenues of $325 million to $350 million. Analysts expect a loss of $0.02 per share on revenues of $197.7 million.

For the full year 2016, the company expects adjusted earnings of $0.75 to $1.00 per share on revenues of $1.3 billion to $1.4 billion.

Analysts expect earnings of $1.29 per share on revenues of $1.52 billion for the year.

""Fiscal 2016 is off to a great start, highlighted by the April launch of Grand Theft Auto V for the PC, which has exceeded our expectations. Throughout the coming year, we will continue to execute our proven strategy of launching a select array of the highest-quality titles," said CEO Strauss Zelnick.

Take-Two also said its board has authorized an increase in the number of its shares it is permitted to repurchase, up to an aggregate of 10 million shares.