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Take-Two Cuts Profit Guidance on Mixed Q3 Results

Take-Two Earnings Miss, Revenue Beats In Q2

Investing.com – Take-Two (NASDAQ:TTWO) 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 earnings 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:GOOGL) Stadia and Sid Meier’s Civilization VI for PlayStation 4 and Xbox One," the company said.

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