Take-Two Interactive Software (NASDAQ:TTWO) fell in morning trading after the videogame publisher provided disappointing full-year revenue outlook while reporting lower-than-expected adjusted earnings in its fiscal first quarter.
Shares fell 0.5 percent to $30.62 at 10:16 a.m. in New York, paring this year’s gain to 11 percent.
GAAP net loss expanded to $67.0 million, or $0.81 loss per diluted share, in the three months ended June 30, from $35.4 million, or $0.45 loss per diluted share, for the year-ago period, the New York-based company said in a statement late yesterday.
Adjusted earnings were $0.31 per share, missing the $0.0.37 average estimate of analysts polled by Capital IQ.
GAAP revenue more than doubled to $275.3 million in the period.
Adjusted revenue was $366.4 million, topping the Wall Street consensus of $355.1 million.
Take-Two, best known for its "Grand Theft Auto" and "NBA 2K" franchises, has shifted its focus in recent years to selling content delivered over the Internet, including full-game downloads, expansion packs, subscriptions and virtual goods.
For the current quarter ending in October, Take-Two expects its per-share earnings to range from $0.05 to $0.15. Analysts are looking for a loss of $0.22 per diluted share,
The company expects full-year earnings in the range of $0.75 to $1 per share. Analysts are looking for earnings of $1.08 per diluted share.