Take-Two Cuts Profit Guidance on Mixed Q3 Results

Investing.com – Take-Two (NASDAQ:) lowered its full-year earnings guidance after reporting mixed second-quarter results as earnings missed, but revenue topped estimates.

For 2020, the company lowered earnings to a range of $3.38 to $3.63 a share from $3.71 to $3.96 a share, previously. That was short of S&P Capital IQ consensus for earnings of $4.04. But bookings, a key measure to gauge the performance of video-game companies, was raised to a range of $2.75 billion to $2.85 billion from $2.60 billion to $2.70 billion.

The firm reported per share of $0.63 on revenue of $950.5 million. Analysts polled by Investing.com expected EPS of $1.69 on revenue of $921.77 million. That compared to EPS of $1.52 on revenue of $583.42 million in the same period a year earlier. The company had reported EPS of $0.27 on revenue of $422.24 million in the previous quarter.

Net bookings, the number of products and services sold digitally or sold-in physically, grew 63% to $950.5 million, driven by games such as NBA 2K20 and NBA 2K19; Borderlands 3; Grand Theft Auto Online and Grand Theft Auto V; Red Dead Redemption 2 and Red Dead Online; Social Point’s mobile offerings; and WWE SuperCard and WWE 2K19.

“The third quarter is off to a solid start with the launches of The Outer Worlds, Red Dead Redemption 2 for PC and WWE 2K20, and we will bolster our holiday line-up with offerings for Google (NASDAQ:) Stadia and Sid Meier’s Civilization VI for PlayStation 4 and Xbox One,” the company said.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.