Bloomberg News

Take-Two Results Beat Views as It Delays Holiday Title

August 05, 2014

Take-Two Interactive Software Inc. (TTWO:US), maker of the Grand Theft Auto video-game, posted quarterly results that beat analysts’ estimates, while saying a new shooter game, Evolve, will be delayed until after the holidays.

The net loss was 14 cents a share on an adjusted basis, compared with a 54-cent loss, a year earlier, New York-based Take-Two said in a statement today. Analysts had projected a 26-cent loss, according to data compiled by Bloomberg. Sales, excluding items, rose 5.1 percent to $151.6 million, compared with the average analyst estimate of $134.1 million.

Sales in the last quarter were buoyed by its Borderlands, Grand Theft Auto and basketball titles, as digital game sales gained 43 percent. The company, whose lineup of new releases is heavily weighted toward the holiday shopping period, said it will now release Evolve in February. The title had originally been set for a sale in October, according to Edward Williams, an analyst at BMO Capital markets.

In the current quarter, Take-Two said it expects a loss of 60 cents to 70 cents per share on an adjusted basis and projected sales of $95 million to $110 million. Analysts estimate a loss of 2 cents per share on sales of $270 million.

The company reiterated its full-year forecast, saying it would earn between 80 cents and $1.05 per share, on sales of $1.35 billion and $1.45 billion.

To contact the reporter on this story: Sonali Basak in New York at

To contact the editors responsible for this story: Anthony Palazzo at Ben Livesey, Rob Golum

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