Take-Two Interactive (TTWO 119.00, +12.61) has spiked 11.9% in pre-market after reporting mixed results and issuing mixed guidance for the third quarter and the fiscal year.
The video game publisher reported a worse than expected second quarter loss of $0.03 per share on a 20.3% year-over-year increase in revenue to $576.99 million, which was ahead of expectations.
Net bookings from recurrent consumer spending increased 84.0% and made up 42.0% of total net bookings. Usual suspects like Grand Theft Auto Online, Grand Theft Auto V, and NBA 2K games were among the largest contributors to net bookings while remaining contributions came from Monster Legends, Dragon City, and XCOM 2.
Digitally-delivered net bookings jumped 52.0% to $355.70 million, which represented 62.0% of total net bookings. This was up from $230.80 million one year ago, which accounted for 55.0% of total bookings.
Looking ahead, Take-Two expects to report a third quarter loss between $0.35 per share and $0.25 per share, which is below market expectations. Revenue for the third quarter is expected between $610 million and $660 million, which is better than the market expects.
For the full year, the company expects below-consensus earnings between $0.55 per share and $0.80 per share on revenue between $1.93 billion and $2.03 billion. The company's revenue guidance represents an increase from a previous outlook for sales between $1.65 billion and $1.75 billion. The company's new guidance range is ahead of market expectations.