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Take-Two Interactive Software Shares Rise after Company Reports Q3 Results (TTWO)

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Shares of Take-Two Interactive Software Inc. (NASDAQ: TTWO), a global publisher and developer of interactive entertainment software, are gaining in pre-market trading today after the company announced its third-quarter financial results.

Take-Two shares are up 4.52% to $16.43 in pre-market trading today.


For the third quarter ended December 31, 2011, the New York City-based company reported net revenue of $236.3 million, compared with $334.3 million reported for the same period in the previous year. The company’s third-quarter results in the previous year benefited from the post-launch performance of Red Dead Redemption and the releases of Red Dead Redemption: Undead Nightmare and Grand Theft Auto IV: Complete.

Take-Two’s GAAP income from continuing operations was $14.2 million, or $0.16 per share, compared with $40.8 million, or $0.45 per share reported for the same period in the previous year. The company’s non-GAAP net income for the quarter was $29 million, or $0.27 per share, compared with $49.5 million, or $0.52 per share reported for the same period in the previous year.

The company said that the strongest contributors to net revenue in the third quarter were the release of NBA 2K12, catalog sales led by the Grand Theft Auto franchise, Red Dead Redemption, Midnight Club Los Angeles and Borderlands, and the continued sales of L.A. Noire.

Strauss Zelnick, Chairman and CEO of Take-Two, said that during the fiscal third quarter, the company continued to execute strategically, creatively and operationally. Zelnick said that the company delivered results that were solidly within its expectations, driven by strong holiday demand for NBA 2K12, the popular catalog titles and digital offerings.

Zelnick also said that the company’s future performance is extraordinarily promising and it has a proven strategy focused on building compelling interactive entertainment franchises, the strongest development pipeline in its history and ample resources to pursue its many growth opportunities.

 

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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