Take-Two Interactive Software (TTWO) Swings To Profit, Beats Estimates

Video game producer Take-Two Interactive Software Inc TTWO on Tuesday after the market closed released financial results that beat Wall Street expectations. Take-Two Interactive Software Inc reported that it swung to a fiscal 2nd quarter net income of $16.8 million, or 20 cents per share, from a net loss of $10.1 million, or 13 cents per share, a year earlier. Excluding special items, the video game producer earned 34 cents per share. Revenue surged more than 50% to $268 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 26 cents per share. Take-Two Interactive Software forecast a fiscal 3rd quarter loss of 10 cents to 20 cents per share, excluding special items, on revenue of $250 million to $300 million. Shares of Take-Two Interactive Software were up nearly 3% at $10.80 in after hours trading.