Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Grand Theft Auto Calls, We Respond, Sending Take-Two to a Record

Published 05/08/2020, 01:37 am
Updated 05/08/2020, 01:38 am
© Reuters.

© Reuters.

By Christiana Sciaudone

Investing.com -- We played a lot of Grand Theft Auto in quarantine. Take-Two (NASDAQ:TTWO) thanks us.

Shares of the video game maker rose 5% to a record as the company reported strong results for the fiscal first quarter, and a glowing outlook for the fiscal year.  

For the fiscal second quarter, net revenue is expected to range from $750 million to $800 million, with net income per share between 85 cents and 96 cents. For the fiscal year, which ends March 31, 2021, net revenue is estimated between $2.8 billion and $2.9 billion with net income per share of between $3.04 and $3.30.  

Net revenue increased 54% to $831.3 million, a fiscal first quarter record, as compared to $540.5 million in last year’s fiscal first quarter. Recurrent consumer spending increased 52%.    

“As a result of our better-than-expected first quarter operating results and increased forecast for the balance of the year, we are raising our fiscal 2021 outlook, which is poised to be another great year for Take-Two," said Chief Executive Officer Strauss Zelnick. "With the strongest development pipeline in the history of the company and our ongoing investment in emerging markets, platforms and business models, Take-Two is exceedingly well positioned to capitalize on the many positive trends in our industry and to generate growth and margin expansion over the long-term.” 

Shares of Take-Two have 18 buy ratings, five holds and no sells, with an average price target of $161.59, under current trading levels.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.