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Earnings Results: Take-Two stock slips as outlook overshadows earnings beat

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Take-Two Interactive Software Inc. shares slipped in the extended session Tuesday as the videogame publisher’s outlook overshadowed its big earnings beat for the quarter.

Take-Two
TTWO,
-0.32%

shares declined 1.3% after hours, following a 0.3% decline in the regular session to close at $167.69.

Take-Two forecast earnings of $1 to $1.10 a share on revenue of $730 million to $780 million for the first quarter, and $1.95 to $2.20 a share on revenue of $3.14 billion to $3.24 billion for the year.

Analysts surveyed by FactSet had estimated 64 cents a share on revenue of $593 million for the first quarter, and $4.23 a share on revenue of $3.45 billion for the year.

“In fiscal 2022, we plan to deliver an exciting array of offerings, including four immersive core releases, of which two will be from new franchises,” said Strauss Zelnick, Take-Two chairman and chief executive, in a statement. 

Take-Two publishes such franchises as “Grand Theft Auto” and “Red Dead Redemption” under its Rockstar Games label, and “Borderlands” and “NBA2K” under its 2K label.

Take-Two reported fiscal fourth-quarter net income of $218.8 million, or $1.88 a share, compared with $122.7 million, or $1.07 a share, in the year-ago period.

Revenue rose to $839.4 million from $760.5 million in the year-ago quarter. Analysts had forecast 97 cents a share on revenue of $746 million.

Over the past 12 months, Take-Two shares have advanced 25%, while the iShares Expanded Tech-Software Sector ETF 
IGV,
+0.05%

is up 35%, the S&P 500 index 
SPX,
-0.85%

has gained 40%, and the tech heavy Nasdaq Composite Index 
COMP,
-0.56%

is up 45%.

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