Take-Two Interactive Software Inc (TTWO)

[MiamiGent]

Take-Two Interactive revenue, profit beat estimates
BY Reuters — 4:09 PM ET 05/18/2016

May 18 (Reuters) - Video game publisher Take-Two Interactive Software Inc's (TTWO) fourth-quarter revenue and profit beat analysts' estimates, helped by sales of "Grand Theft Auto V" and its sports titles.
Adjusted net income fell to $51.7 million, or 46 cents per share, in the fourth quarter ended March 31, from $54.3 million, or 49 cents per share, a year earlier.
Take-Two's adjusted net income in the quarter reflected $5.4 million in tax benefits related to video game development costs, the company said.
Excluding items, revenue fell to $342.5 million from $427.7 million.
Analysts on average had expected a profit of 26 cents per share and revenue of $306 million, according to Thomson Reuters I/B/E/S.
Take-Two had benefited from the launch of "Evolve" in the same period last year, as well as sales from the company's 2014 holiday release slate.
Rockstar Games, the studio that developed Grand Theft Auto, is "hard at work" on future projects that will be revealed soon, Take-Two Chief Executive Strauss Zelnick said in a statement.
However, the company forecast first-quarter adjusted revenue of $225 million-$260 million and a surprise loss of 30-40 cents per share.
Analysts on average were expecting a profit of 22 cents per share and revenue of $299 million, according to Thomson Reuters I/B/E/S. (Reporting by Anya George Tharakan in Bengaluru)