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Take-Two profit, revenue drop but beat forecasts

14
May
2014

By Malathi Nayak SAN FRANCISCO (Reuters) – Video game publisher Take-Two Interactive Software’s profit and revenue fell less than expected in the fourth quarter and it forecast fiscal 2015 earnings in line with Wall Street’s estimates on Tuesday. \”That’s strong profitability without a ‘Grand Theft Auto’ release\” in fiscal 2015, Take-Two Chief Executive Strauss Zellnick said in an interview. \”In the last seven quarters we’ve beaten our guidance.\” New York City-based Take-Two said revenue declined 23 percent in the quarter ended March 31, beating Wall Street expectations, on sales of \”Grand Theft Auto V\” and \”NBA 2K14.\” The company, which also publishes \”BioShock Infinite,\” said non-GAAP net revenue fell to $233.2 million from $303.1 million in the year-ago quarter. That surpassed the $202.51 million average estimate of analysts polled by Thomson Reuters I/B/E/S. For the fourth quarter, non-GAAP net profit was $21.5 million, or 21 cents per share, sharply below $42.9 million, or 38 cents per share, a year earlier.

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