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Take-Two misses Wall Street's revenue estimates for fiscal 4Q

The company faces fierce competition from other video game publishers
Video game console
Sales of Grand Theft Auto V is still driving revenues

Take-Two Interactive Software, Inc. (NASDAQ:TTWO), the maker of Grand Theft Auto V and other popular video games, missed Wall Street’s revenue estimates in its fiscal fourth-quarter and revised its guidance downward.

The company’s net income came to US$90.9mln or US$0.77 per diluted share in the three months ending on March 31, down from US$99.3mln or US$0.89 per diluted share in the same quarter a year ago.

Sales of Grand Theft Auto online, Grand Theft Auto V, NBA2K18 as well as Sid Meier’s Civilization VI and Monster Legends drove its net revenue to US$450.3mln and its net bookings to US$411.4mln

Analysts, however, were left disappointed as they had expected earnings per share of US$0.77 on net bookings of US$444mln.

Take-Two is now projecting adjusted revenue between US$2.67bn and US$2.77bn for fiscal 2019, which is lower than analysts' estimate of US$2.9bn.

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Take-Two Interactive Software Timeline

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