Shares of Take-Two Interactive (NASDAQ: TTWO) dove beneath their recent 52-week low of $8.65 after the firm reported abysmal earnings. After hours, Take-Two shares dropped 6% to $8.27
For the first quarter of fiscal 2013, net revenue was $226.1 million, as compared to $334.4 million for the first quarter of fiscal 2012. GAAP loss from continuing operations was $110.8 million, or $1.30 per diluted share, as compared to $8.6 million, or $0.11 per diluted share, for the year-ago period.Analysts surveyed by FactSet Research had forecast Take-Two to lose 65 cents a share on $254.5 million in revenue, according to MarketWatch.
Take-Two said its prospects moving forward were also grim. The company expects to lose between $.15 and $.30 a share in the current quarter on revenue of between $200 million and $250 million. Take-Two will also suffer a $.09 a share charge for compensation of 2.2 million shares paid to Zelnick Media, of which Take-Two CEO Strauss Zelnick is a founder.
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
