Video game publisher Take-Two Interactive Software’s profit and revenue fell less than expected in the fourth quarter and it forecast fiscal 2015 earnings in line with Wall Street’s estimates on Tuesday.<\/p>\n
Shares in Take-Two fell about 3 percent in after-hours trading after closing at $20.63 on Nasdaq.<\/p>\n
For fiscal 2015, the company estimated non-GAAP revenue of $1.35 billion to $1.45 billion and non-GAAP net income of 80 cents to $1.05 per share. That was in line with analysts’ estimate of $1.39 in revenue and profit of $1.04 per share.<\/p>\n
“That’s strong profitability without a ‘Grand Theft Auto’ release” in fiscal 2015, Take-Two Chief Executive Strauss Zellnick said in an interview. “In the last seven quarters we’ve beaten our guidance.”<\/p>\n
New York City-based Take-Two said revenue declined 23 percent in the quarter ended March 31, beating Wall Street expectations, on sales of “Grand Theft Auto V” and “NBA 2K14.”<\/p>\n
The company, which also publishes “BioShock Infinite,” said non-GAAP net revenue fell to $233.2 million from $303.1 million in the year-ago quarter. That surpassed the $202.51 million average estimate of analysts polled by Thomson Reuters I\/B\/E\/S.<\/p>\n
For the fourth quarter, non-GAAP net profit was $21.5 million, or 21 cents per share, sharply below $42.9 million, or 38 cents per share, a year earlier. This beat Wall Street’s expectations of earnings of 10 cents per share.<\/p>\n
Take-Two’s pipeline for fiscal 2015 includes sci-fi shooter “Evolve” and the next installment from its hit basketball game franchise “NBA 2K15.”<\/p>\n
The company has previously said it expects a profit in fiscal 2015 and “every year for the foreseeable future.”<\/p>\n
Grand Theft Auto V quadruples Take-Two revenue<\/a><\/strong><\/p>\n Icahn drops 13% stake in video game company<\/a><\/strong><\/p>\n