{"id":58335,"date":"2018-02-08T06:44:46","date_gmt":"2018-02-08T06:44:46","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=58335"},"modified":"2018-02-08T06:44:46","modified_gmt":"2018-02-08T06:44:46","slug":"take-two-raises-forecast-on-boost-from-nba-2k18-grand-theft-auto","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/technology\/take-two-raises-forecast-on-boost-from-nba-2k18-grand-theft-auto.html","title":{"rendered":"Take-Two raises forecast on boost from ‘NBA 2K18’, ‘Grand Theft Auto’"},"content":{"rendered":"

Take-Two raises forecast on boost from ‘NBA 2K18’, ‘Grand Theft Auto’<\/span><\/strong><\/span><\/h2>\n

Take-Two Interactive Software Inc lifted its full-year adjusted revenue forecast on Wednesday, as the videogame maker expects to benefit from the latest version of its popular basketball franchise and its iconic \u201cGrand Theft Auto\u201d series.<\/span><\/p>\n

The company is betting on these two games after further delaying last week the launch of its highly anticipated Western action-adventure \u201cRed Dead Redemption 2\u201d to Oct. 26. The game was scheduled to be launched in spring 2018.<\/span><\/p>\n

Take-Two\u2019s basketball franchise \u201cNBA 2K18\u201d, launched in September, grabbed the No.2 spot on the 2017 best-selling games list, according to market research firm NPD Group.<\/span><\/p>\n

The company\u2019s \u201cGrand Theft Auto V\u201d was the No.3 selling title last year in terms of units sold, according NPD, four years after the game\u2019s first release.<\/span><\/p>\n

\u201cWe are expecting another record year for \u2018Grand Theft Auto Online\u2019,\u201d Chief Executive Strauss Zelnick said on a call with analysts. \u201cEverything is going better-than-expected and we do have pretty high expectations.\u201d<\/span><\/p>\n

The game\u2019s online version has also helped in its longevity. The company launched \u201cDoomsday Heist\u201d for \u201cGTA Online\u201d during the holiday quarter.<\/span><\/p>\n

However, Take-Two forecast current-quarter revenue largely below Wall Street\u2019s expectations. The company said it expected adjusted revenue of $410 million to $460 million, compared with analysts\u2019 average estimate of $442.1 million.<\/span><\/p>\n

There is a bit of seasonality in our business. You can\u2019t really compare quarter-to-quarter or same quarter over the prior-year quarter, Zelnick said.<\/span><\/p>\n

Shares of the company, which more than doubled in value in 2017, fell 2.4 percent in extended trading on Wednesday.<\/span><\/p>\n

U.S. videogame producers typically guide below market expectations but almost always beat them.<\/span><\/p>\n

For the year ending March 31, Take-Two said it expected adjusted revenue forecast of $1.99 billion to $2.04 billion, up from $1.93 billion to $2.03 billion.<\/span><\/p>\n

Analysts on average were expecting $2.02 billion, according to Thomson Reuters I\/B\/E\/S.<\/span><\/p>\n

Take-Two said it expects to deliver record adjusted revenue in excess of $2.5 billion for fiscal 2019.<\/span><\/p>\n

The company reported net income of $25.1 million, or 21 cents per share, in third quarter ended Dec. 31, compared with a loss of $29.8 million, or 33 cents per share, a year earlier.<\/span><\/p>\n

Take-Two said it had a net benefit of $11.9 million in the latest quarter from the overhaul of the U.S. tax code.<\/span><\/p>\n

On an adjusted basis, the company reported revenue of $653.9 million, while analysts\u2019 on average had expected $663.8 million.<\/span><\/p>\n

Source:-\u00a0https:\/\/www.reuters.com\/article\/us-take-two-results\/take-two-raises-forecast-on-boost-from-nba-2k18-grand-theft-auto-idUSKBN1FR35D<\/span><\/p>\n

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