Take-Two Interactive said its bookings grew 65% to $1.39 billion in the fourth fiscal quarter ended March 31 as catalog sales were stronger than expected.
Take-Two Interactive Software on Wednesday beat analyst
estimates for quarterly adjusted sales on strong demand from legacy titles NBA
2K and Grand Theft Auto, sending the video game publisher's shares up 8 percent
in extended trading.
The company also said it expects to deliver 36 video game
titles through 2025 and 2026, and forecast $8 billion in 2025 net bookings and
over $1 billion in operating cash flow.
Wedbush analyst Michael Pachter said "that's enough to
send the stock higher".
Take-Two, however, did not make any announcements about its
highly anticipated title Grand Theft Auto VI.
Its results follow an upbeat performance from peer
Electronic Arts and Call of Duty maker Activision Blizzard, confirming signs of
the video gaming industry rebounding from a sluggish 2022 due to decades-high
inflation.
Take-Two has established itself as one of the dominant
players in the US with strong sales from its successful video game franchises
and a solid pipeline including titles like Star Wars Hunters.
Its fourth-quarter adjusted sales grew 65 percent to $1.39
billion, compared with Wall Street's estimate of $1.34 billion, according to
Refinitiv data. But the company missed profit estimates, on acquisition-related
charges.
During an earnings call with analysts, Chief Executive
Strauss Zelnick said Take-Two was assuming a continuation of the current
challenging consumer backdrop within its forecast.
Its annual adjusted revenue forecast between $5.45 billion
and $5.55 billion came below Street's estimate of $6.07 billion.
"Additionally, the development time lines of some of
our titles lengthened especially as we strive to redefine the creative
standards of excellence of our industry, which affect our release slate for the
year," Zelnick added. © Reuters
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