Take-Two Raises Full-Year Outlook After Narrowing Loss
Take-Two Interactive Software Inc. (TTWO), publisher of the “Grand Theft Auto” video games, reported first-quarter results that beat analysts’ estimates. The stock rose after the company boosted its full-year outlook.
The loss for the quarter, excluding items, was 54 cents a share, New York-based Take-Two said in a statement yesterday. That was narrower than the 57-cent loss seen on average by 17 analysts in a Bloomberg survey. Sales excluding items fell to $144.3 million, exceeding the $124.8 million average estimate.
The net loss for the quarter shrank to $61.9 million, or 71 cents a share, in the period ended June 30, from $110.8 million, or $1.30 a share, a year earlier.
The next installment of the company’s top-selling “Grand Theft Auto” goes on sale Sept. 17. For the year, the company projects $2.25 to $2.50 a share in profit, excluding items, on sales of as much as $1.88 billion on that basis.
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