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Take-Two beats adjusted sales estimates on higher gaming demand
© Reuters. FILE PHOTO: NBA 2K22 and Grand Theft Auto 5 by Take-Two Interactive Software Inc are seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly
(Reuters) -Take-Two Interactive Software Inc on Wednesday beat Wall Street estimates for fourth-quarter adjusted sales on strong demand for legacy titles “NBA 2K” and “Grand Theft Auto”, sending the video game maker’s shares up over 7% after the bell.
The results follow an upbeat performance from peer Electronic Arts (NASDAQ:) and “Call of Duty” maker Activision Blizzard Inc (NASDAQ:), confirming signs of the video gaming industry rebounding from a sluggish 2022 due to decades-high inflation.
Take-Two (NASDAQ:) has established itself as one of the dominant players in the U.S. with strong sales from its successful video game franchises and a solid pipeline including titles “Grand Theft Auto VI” and “Star Wars Hunters”.
Fourth-quarter adjusted sales grew 65% to $1.39 billion, compared with Wall Street’s estimate of $1.34 billion, according to Refinitiv data.
However, its annual adjusted revenue forecast between $5.45 billion and $5.55 billion came below Street’s estimate of $6.07 billion.
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