NEW YORK (TheStreet) -- Take-Two Interactive (TTWO - Get Report) was falling -5.5% to $19.50 Wednesday after announcing a drop in sales in the fiscal fourth quarter and issuing a downside guidance for the first quarter.
For the fiscal fourth quarter Take-Two reported earnings of 21 cents a share, beating the Capital IQ Consensus Estimate of 10 cents a share by 11 cents. Revenue fell -23.1% from the year-ago quarter to $233.2 million. Analysts expected revenue of $201.5 million for the quarter.
While the video game publisher saw steady sales of titles such as Grand Theft Auto V, sales dropped in the quarter, leading to lower revenue. The year-ago quarter benefited from the release of Bioshock Infinite. There was no major new release of that scale in the quarter.
Looking forward to the fiscal first quarter Take-Two expects EPS loss of between -35 cents and -25 cents a share, below analysts' estimates of a loss of -12 cents a share. The publisher expects revenue of $120 million to $135 million, compared to analysts' expectations of $223 million.
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