The company posted net income of $179.9 million, or $1.57 a share, up significantly from $25.1 million, or 21 cents a share, a year earlier. However, Take-Two also said it received a $108.7 million tax benefit in the quarter related to deferred tax assets.
On an adjusted basis, the company reported revenue of $1.57 billion, above the $1.5 billion average estimate of analysts surveyed by FactSet. Investors initially interpreted the revenue number as below FactSet's consensus due to a mix-up in how it presented GAAP vs. non-GAAP figures, a Take-Two spokesman said.
Looking forward, Take-Two said it it expects fiscal fourth-quarter earnings of 67 cents to 77 cents a share on net revenue of $530 million to $580 million. Analysts were looking for profit of 84 cents a share on sales of $609 million.
Based in New York, Take-Two develops, publishes and markets interactive software games and entertainment for personal computers and mobile devices.