Take-Two Interactive Software Shares Climb After Closing Bell
The video game company run by CEO Strauss Zelnick reports quarterly profit and revenue that exceeds the expectations of Wall Street.
Shares of Take-Two Interactive Software were climbing as much as 6 percent higher in after-hours trading once the video game maker best known for its Grand Theft Auto franchise reported strong quarterly earnings.
Take-Two said it earned $22.5 million in its fiscal fourth quarter, reversing a year-ago loss of $66.8 million. Revenue soared to $299.5 million compared with $148.1 million last year.
The company's results bested the expectations of analysts mostly because of big sales of its Bioshock Infinite game. Wall Street also is looking forward to the planned Sept. 17 release of Grand Theft Auto V.
Shares of Take-Two fell a nickel on Monday to $16.39 but were above $17 -- overtaking a 52-week high -- after the closing bell.
In its earnings release, CEO Strauss Zelnick said the company ought to be profitable on a non-GAAP basis in fiscal 2015 "and for the forseeable future."