Take-Two Blows Out Estimates (TTWO)

Take-Two Interactive Software Inc. TTWO reports Q3 earnings of $0.58 versus estimate of $0.31. Take-Two Interactive Software Inc. reports Q3 revenue of $373.7 million versus estimate of $325.23 million. Take-Two sees Q1 revenue of $290-$315 million and expects Q1 adjusted EPS of 25-35 cents. Ben Feder, CEO of Take-Two, commented, “We have achieved our goal of profitability in a year without a new release of Grand Theft Auto. Our better-than-expected revenue growth and margin expansion were driven by strong demand for our diverse portfolio of games, including the hit new titles Red Dead Redemption and NBA 2K11, as well as strong sales of catalog titles and digitally delivered content. I am also pleased to report that our 2K Sports division was profitable during the period.” Strauss Zelnick, Chairman of Take-Two, added, “As we finish 2010, our Company is better positioned for success than ever, creatively, operationally and financially. We plan to build on the talents of our world-class creative team to deliver an increasingly diverse portfolio of high-quality titles. We will also pursue opportunities to enter newer areas of the interactive entertainment business, such as digitally delivered content and the expanding Asian and Latin American markets. In addition, we will continue to optimize our efficient operating infrastructure and sound balance sheet to support our future initiatives for profitable growth.” Shares of TTWO closed at $11.94 today.