Take-Two Interactive (TTWO
113.00, -0.07) is little changed in pre-market after reporting mixed results
relative to its guidance.
The software company reported first quarter earnings of $0.77 per share, which was within the guidance range. Revenue increased 1.1% year/year to $450.00 mln, which was below the company's guidance range. Net bookings totaled $411 mln, which was on the low end of the company's guidance.
Recurrent consumer spending increased 42.0% year/year, making up 44.0% of total revenue. Grand Theft Auto Online and Grand Theft Auto V remained among the top contributors to recurrent revenue nearly four years after the original release of Grand Theft Auto V. Other contributors to recurrent revenue included NBA 2K18, Sid Meier's Civilization VI, and WWE 2K18, among others.
Revenue from digital sales increased 8.2% year/year to $301.40 mln while physical retail revenue declined 49.2% year/year to $148.89 mln. Physical retail revenue made up 33.0% of total revenue, down from 51.0% of revenue one year ago.
Revenue from sales of console games totaled $363.46 mln, which represented 81.0% of total revenue, down from 84.0% of revenue one year ago. PC and other revenue totaled $86.81 mln, making up 19.0% of total revenue, up from 16.0% one year ago.
Going forward, the company expects that first quarter earnings will be between $0.53 per share and $0.63 per share. First quarter revenue is expected between $215 mln and $265 mln.
The company also issued guidance for the full year, priming the market for earnings between $1.53 per share and $1.80 per share on revenue between $2.67 bln and $2.77 bln.
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