NEW YORK (TheStreet) -- Shares of Take-Two Interactive Software (TTWO) were surging 8.17% to $48.46 on heavy trading volume early Thursday afternoon after the video game company reported better-than-anticipated fiscal 2017 second quarter results and gave a positive full-year outlook.

After yesterday's closing bell, New York City-based Take-Two posted adjusted earnings of 45 cents per diluted share, topping Wall Street's estimates of 30 cents per share.

Revenue rose 21% year-over-year to $420.2 million and beat analysts' projections of $402.6 million.

For the full fiscal year, the company anticipates adjusted earnings per diluted share of $2.00 to $2.25 on revenue between $1.75 billion and $1.85 billion. Analysts surveyed by FactSet are looking for adjusted earnings of $1.71 per share and revenue of $1.74 billion.

For the fiscal third quarter, Take-Two forecasts adjusted earnings per diluted share of 30 cents to 40 cents on revenue between $475 million and $525 million. The company expects to defer about $200 million in revenue from its Mafia III game, which was released on October 7.

Wall Street is modeling adjusted earnings of 89 cents per share on revenue of $695 million for the third quarter, according to FactSet.

BMO Capital Markets raised its price target on the stock to $56 from $48 and reiterated an "outperform" rating earlier today. The firm said that Take-Two found "redemption" this quarter.

"The company has seen strong performance of its titles that have released after the end of the quarter and will contribute to the stronger fiscal year," BMO added.

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