NEW YORK (TheStreet) -- Take-Two Interactive Software (TTWO) shares are up 11.24% to $26.92 in early market trading on Tuesday following the release of the video game designer's fourth quarter results after the closing bell yesterday.
The New York City-based maker of the popular 'Grand Theft Auto' and 'NBA 2K' franchises reported adjusted fourth quarter earnings of 49 cents per share on revenue of $427.7 million. The company easily topped analysts' consensus 27 cents per share EPS expectations but missed analysts' $458.94 million revenue guidance.
For the current quarter the company issued earnings guidance between 25 cents per share and 35 cents per share, again easily topping the 2 cents per share net loss analysts' are forecasting for the period.
"Fiscal 2016 is off to a great start, highlighted by the April launch of Grand Theft Auto V for the PC, which has exceeded our expectations. Throughout the coming year, we will continue to execute our proven strategy of launching a select array of the highest-quality titles, led by new annual releases of NBA 2K and WWE 2K," said CEO Strauss Zelnick.
TheStreet's Jim Cramer is extremely bullish on the company's prospects and expects their more popular products to continue to outperform expectations. "Strauss Zelnick has worked miracles here. Ten titles with five million units in sales. GTA still hitting it out of the park. Evolve so good. NBA excellent. People are willing to overlook the down earnings projections because those are classically conservative," Cramer said.
Separately, the company also announced that it was increasing the authorization for its share buyback program to 10 million of its outstanding 84.61 million shares.