logo
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

 

Equities – Your destination to connect with the growth investment community.

Take-Two Narrows Loss, Plans for Release of Grand Theft Auto V and Other Blockbusters

By  +Follow July 31, 2013 7:04AM
Share:
Tickers Mentioned:

Keeping the theme of solid tech earnings for the latest quarter, Take-Two Interactive Software Inc. (TTWO) posted better-than-expected results after Tuesday’s closing bell as sales of Borderlands 2 and NBA2K13 rose.  Meanwhile, the game maker boosted its outlook for the current quarter and for the full fiscal 2014 year, ending March 31, 2014.

For the first quarter of fiscal 2014, the New York-based company posted net revenue of $142.7 million, down sharply from sales of $226.1 million in the year prior quarter that swelled on the release of Max Payne 3 and Spec Ops: The Line.  Take-Two didn’t have a major title release in the latest quarter.  Net loss from continuing operations for the quarter was $61.9 million, or 71 cents per share, versus a net loss of $110.8 million, or $1.30 per share, in the year prior quarter.  On an adjusted basis, which accounts for deferred revenue from certain games, discontinued operations and other special items, net loss narrowed to $47.1 million, or 54 cents per share, compared to $98.8 million, or $1.16 per share, in last year’s quarter.

Wall Street was expecting a larger adjusted loss of 66 cents per share on revenue of $131.8 million.

Sales from digitally delivered content expanded 128 percent year-over-year to account for more than half of all GAAP revenue.  The biggest contributions were made by three new digital expansion packs for Borderlands 2.  Catalog sales of older titles, such as the Borderlands and Grand Theft Auto franchises and Red Dead Redemption, made up 60 percent of adjusted net revenue.

Major upcoming releases for Take-Two include NBA 2K14 (featuring the debut of Lebron James on the cover) on October 1; WWE 2K14 (featuring Dwayne “The Rock” Johnson on the cover) on October 29; The Bureau: XCOM Declassified on August 20; and the much-anticipated release of Grand Theft Auto V on September 17.  Another upgrade pack for Borderlands 2 is also expected in the fall as well as the release of several games for Xbox One and PlayStation 4 once those next-generation gaming consoles debut later this year.

“Our better-than-expected first quarter results demonstrate that the market remains strong for the highest-quality interactive entertainment,” said Strauss Zelnick, chairman and chief executive of Take-Two.  “With Grand Theft Auto V launching on September 17th, followed by the releases of NBA 2K14 and WWE 2K14, fiscal 2014 is poised to be one of our best years ever,” he added.

Looking at the current quarter, the company sees non-GAAP net revenue between $750 and $800 million and adjusted profits between $1.25 and $1.35 per share.  Analysts were expecting earnings per share of $1.66 on sales of $818 million.

For the full fiscal year, Take-Two forecast non-GAAP net revenue in the range of $1.775 billion to $1.875 billion and earnings per share of $2.25 to $2.50.  This is up from the company’s prior guidance of profits between $2.05 and $2.30 per share.

Shares of TTWO ended the regular session Tuesday essentially flat at $16.99, but have climbed to $17.25 in extended trading with the earnings beat, although the soft second-quarter guidance moderated the gains.  Shares are up about 55 percent so far in 2013 and are sitting near their highest level in five years.  Shares have fought resistance at $17.55, hitting it in May 2011 and again two months ago to now challenge it yet again.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Liked What You Read? Join Equities.com and Connect With Your Favorite Financial Experts FOR FREE! Members of Equities.com gain access to our leading financial news and content, active social investment community, proprietary research tools including the 2014 Small-Cap Stars, E.V.A. reports and more.

Results for TTWO
RichardChirpin
19 Apr 15 10:37:27
VOIS on Bloomberg today. Video https://t.co/WltagrPAEB $PKPH $HIIT $WMHI $XPLT $MDBX $LOCO $S $ZNGA $EA $GLUU $TTWO $GAME $ATVI $FB $PLUG
dailystockplays.com
19 Apr 15 08:32:20
$TTWO Bollinger Bands squeezing, NR7 Day, contraction leads to expansion. http://t.co/X1NZrHDILQ
Capital Market Labs
19 Apr 15 04:18:21
$EA vs. $SYMC vs. $TTWO vs. $CA Compared Across 9 Critical Measures http://t.co/qCmJXtDubD http://t.co/n81lqjZnWE
Francisco de la Lama
19 Apr 15 01:19:30
RT @sharknado523: Glad I added $S and $ANR to my portfolio, gave me a little more balance. Just waiting for $CX $IRG $ACI and $TTWO to impr…
Capital Market Labs
18 Apr 15 19:27:51
$ATVI vs. $RHT vs. $EA vs. $TTWO Compared Across 9 Critical Measures http://t.co/OOy3DKtxLO http://t.co/PQVO5i91oo
Capital Market Labs
18 Apr 15 18:48:43
$ATVI vs. $SYMC vs. $TTWO vs. $EA Compared Across 9 Critical Measures http://t.co/rVSs3f8y04 http://t.co/kgedwkpsbv
Cameron Wilmot
18 Apr 15 10:31:07
.@NBA2K predicts the @warriors will win @NBA championship $TTWO http://t.co/wf8nuVRGM0 http://t.co/rnakRG6Wqq
TweakTown
18 Apr 15 10:31:07
.@NBA2K predicts the @warriors will win @NBA championship $TTWO http://t.co/KyA06VLyba http://t.co/T2jq98U9YM
dailystockplays.com
18 Apr 15 07:38:25
NR7 Stocks http://t.co/MCxVp20ypr $MJN $AMP $EXTR $ALK $TNK $YY $LULU $EQT $BLMN $RKUS $JEC $BDX $TTWO $ADVS $PMCS $HUM $BERY $CXO
ProVesting
18 Apr 15 01:55:06
$TTWO: Short Interest in Take-Two Interactive Software Declines By 11.9 ...: http://t.co/bur92MoJR5
The Legacy News
17 Apr 15 22:27:17
Short Interest in Take-Two Interactive Software Declines By 11.9% $TTWO http://t.co/bzNlCCgs5A
Russell Barbour
17 Apr 15 19:22:32
Trading Rules - Discipline and staying strong: http://t.co/tTfvLrkvCN $GILD $TTWO $GM $SCO $REXX $YUM $ABBV $UCO $NXPI $USO $WPRT
gordon gekko is god
17 Apr 15 19:15:24
Off month for video game sales; EA teases 'Star Wars' game http://t.co/8qq9osbiJI $EA, $SNE, $TTWO, $NTDOY, $ATVI, $GME
Stock Forums
17 Apr 15 18:44:04
Stocks Trending Now: http://t.co/gLXIst6tkJ $ULUR $TTWO $DGLD $EWRC $CSE $TGX $HSNI $DJCO $NUTR $OMRNY $NPNYY $CCGA ~
Patrick Seitz
17 Apr 15 16:26:20
Video game business a 'Battlefield' in March. http://t.co/GW3BuGDdBW $EA $SNE $TTWO $NTDOY $MSFT
Forex  News Insider.
17 Apr 15 15:42:39
Off month for video game sales; EA teases 'Star Wars' game http://t.co/1GZ4WNLFbW $EA $SNE $TTWO $NTDOY
Forex News & Tips
17 Apr 15 14:47:23
RT @SAlphaTech: Off month for video game sales; EA teases 'Star Wars' game http://t.co/eGiNkYPskF $EA $SNE $TTWO $NTDOY
Forex News & Tips
17 Apr 15 14:47:23
RT @MarketCurrents: Off month for video game sales; EA teases 'Star Wars' game http://t.co/fQh1RPVe1O $EA $SNE $TTWO $NTDOY
BreakingStocksNews
17 Apr 15 14:46:02
$TTWO $GME: Off month for video game sales; EA teases 'Star Wars' game: http://t.co/4FbaNtuPvW
DJ Olive
17 Apr 15 14:44:28
RT @MarketCurrents: Off month for video game sales; EA teases 'Star Wars' game http://t.co/fQh1RPVe1O $EA $SNE $TTWO $NTDOY
David M.B. Williams
17 Apr 15 14:41:43
RT @MarketCurrents: Off month for video game sales; EA teases 'Star Wars' game http://t.co/fQh1RPVe1O $EA $SNE $TTWO $NTDOY
Consumer Stocks
17 Apr 15 14:39:41
Off month for video game sales; EA teases 'Star Wars' game http://t.co/SCG2YoKFGx $EA $SNE $TTWO $NTDOY
Tech Stocks SA
17 Apr 15 14:39:41
Off month for video game sales; EA teases 'Star Wars' game http://t.co/eGiNkYPskF $EA $SNE $TTWO $NTDOY
SA Breaking News
17 Apr 15 14:39:40
Off month for video game sales; EA teases 'Star Wars' game http://t.co/fQh1RPVe1O $EA $SNE $TTWO $NTDOY
Daily Contracts
17 Apr 15 12:03:02
Real-Time feed of company contracts, original agreements and executive updates from $TTWO http://t.co/iKNOJpDgpZ
Breaking News
17 Apr 15 11:33:03
$SNE $TTWO: Video game business a 'Battlefield' in March: http://t.co/ZsD0JihEff
RichardChirpin
17 Apr 15 11:18:04
VOIS on Bloomerg Sun. http://t.co/6AqEb1jC2Q $QTWW $PKPH $HIIT $WMHI $XPLT $MDBX $LOCO $S $ZNGA $EA $GLUU $TTWO $GAME $ATVI $FB $PLUG
stockguru
17 Apr 15 07:26:30
Long $BVAP, $CMCSA, $GPRO, $KING, $TTWO, $PHOT, $XGTI, $RAD, $PCLN, $SBUX, $BABA >>>>>>>>>>>>>>>>>>>
Capital Market Labs
17 Apr 15 07:08:16
$EA vs. $ATVI vs. $TTWO vs. $CA Compared Across 9 Critical Measures Chart: http://t.co/tm9gmypnRi #CML
BreakingStocksNews
17 Apr 15 06:07:06
$TTWO: Take-Two Interactive Software Inc (NASDAQ:TTWO) on Watch: http://t.co/tTL9OPYW4y
Jack Trader
17 Apr 15 06:03:03
$TTWO Take-Two Interactive Software, Inc. Stock Rose Nearly 60% in 2014. What Might ... http://t.co/WaQEvImpG0
Event Driven
17 Apr 15 03:22:15
Video games, March sales: $ATVI $EA $TTWO http://t.co/GNUqIka8JP
Sleek Money
17 Apr 15 00:36:30
Take-Two Interactive Software Short Interest Down 11.9% in March $TTWO http://t.co/uq7Cxsw00h
US Banking News
16 Apr 15 22:39:26
Take-Two Interactive Software Short Interest Down 11.9% in March $TTWO http://t.co/gHkMgxpSTu
Ticker Report
16 Apr 15 22:25:39
Take-Two Interactive Software Short Interest Down 11.9% in March $TTWO http://t.co/3n9k2HXQYN
Breaking News Now
16 Apr 15 22:25:08
$TTWO: Take-Two Interactive Software Short Interest Down 11.9% in March ...: http://t.co/rC81sYXQVU
Adam Grimes
16 Apr 15 22:20:33
Pullback short setups: $DCT $ROVI $HMSY $WR $WYNN $FUEL $IRM $TTWO $ETR $DUK $HPQ $STUDY
Breaking News
16 Apr 15 20:05:02
$TTWO: PRO WRESTLING: 2K's first simulation-based WWE video game on ...: http://t.co/VtiB0HaBXg
Capital Market Labs
16 Apr 15 20:00:54
$EA vs. $ATVI vs. $RHT vs. $TTWO Compared Across 9 Critical Measures Chart: http://t.co/xUSXUKBLcw #CML
Capital Market Labs
16 Apr 15 18:16:27
$EA vs. $SYMC vs. $CA vs. $TTWO Compared Across 9 Critical Measures Chart: http://t.co/jsFduWOqMX
ChuckSometimes
16 Apr 15 12:56:01
RT @Trendslayer: VOIS Mind Control Vid https://t.co/vKB3Wv41XF $QTWW $PKPH $HIIT $WMHI $XPLT $MDBX $LOCO $S $ZNGA $EA $GLUU $TTWO $GAME $AT…
ChuckSometimes
16 Apr 15 12:55:59
RT @Trendslayer: VOIS pre order the BCI http://t.co/BYVLxeDGUl $QTWW $PKPH $HIIT $WMHI $XPLT $MDBX $LOCO $S $ZNGA $EA $GLUU $TTWO $GAME $AT…
Capital Market Labs
16 Apr 15 11:53:03
$EA vs. $SYMC vs. $ATVI vs. $TTWO Compared Across 9 Critical Measures Chart: http://t.co/otDmuzkCmB #CML
MercadoMagico.com
16 Apr 15 11:01:48
RT @Bidnessetc: GTA Goes On Sale At Sony Corp.'s PlayStation Store - http://t.co/XaSZ1T1TwY $TTWO $SNE http://t.co/aqXW49SLTM
RichardChirpin
16 Apr 15 10:45:45
VOIS pre order the BCI http://t.co/BYVLxeDGUl $QTWW $PKPH $HIIT $WMHI $XPLT $MDBX $LOCO $S $ZNGA $EA $GLUU $TTWO $GAME $ATVI $FB $PLUG
RichardChirpin
16 Apr 15 10:44:10
VOIS Mind Control Vid https://t.co/vKB3Wv41XF $QTWW $PKPH $HIIT $WMHI $XPLT $MDBX $LOCO $S $ZNGA $EA $GLUU $TTWO $GAME $ATVI $FB $PLUG
Travis Pavlik
16 Apr 15 09:50:41
@UdallTechStrat @canuck2usa Dont really track this one too much but looks good http://t.co/MCzeq4KgQ3 $TTWO
Bidness Etc
16 Apr 15 07:55:28
GTA Goes On Sale At Sony Corp.'s PlayStation Store - http://t.co/XaSZ1T1TwY $TTWO $SNE http://t.co/aqXW49SLTM
Francisco de la Lama
16 Apr 15 07:20:33
RT @sharknado523: Glad I added $S and $ANR to my portfolio, gave me a little more balance. Just waiting for $CX $IRG $ACI and $TTWO to impr…
Breaking News
16 Apr 15 05:37:06
$TTWO $WWE: 2K Announces Availability of First Simulation-Based WWE Video ...: http://t.co/2NRroCeKJb
				
				
By  +Follow July 31, 2013 7:04AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.