Cramer Praises Take-Two's Transparency, Chats With CEO

Take-Two Interactive Software, Inc TTWO reported last week fiscal third-quarter results which included a disappointing outlook. CNBC's Jim Cramer said Monday on "Mad Money" that management deserves credit for being "amazingly transparent" in its performance and outlook.

What Happened

Take-Two's fiscal third quarter report includes a lot of good news as its results fell inline with expectations that were twice raised since the start of the fiscal year, company CEO Strauss Zelnick told Cramer in an interview. Most of the games are performing exceptionally well, including "Grand Theft Auto" online which is expected to have a record year, a full six years after its initial launch. Also, "NBA 2k" is pacing ahead of "NBA 2K19" in terms of units sold.

Why It's Important

However, Zelnick went on to discuss two areas of investor concerns and softness. First, investors have gotten used to "only great news" coming out of the "NBA" franchise but management said it doesn't expect the game to achieve any new records this year, but will still be very profitable for the company. Second, the company "really missed on quality" in its "WWE 2K20."

Zelnick said he made the decision to bring the development of the "WWE 2K20" game in-house and everyone expected a higher quality game. But

The upcoming next-generation video game console launch in late 2020 represents a "big leap forward" based on multiple technological advances, he said.

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