Take-Two Interactive Software (NASDAQ:TTWO) had an encouraging quarter, as revenues and profit both advanced strongly in its just-reported Q3 numbers. The top line came in at $416 million and net income was $71 million, or $0.66 per diluted share. The former was a 76% improvement over the same period the previous year, while the net figure was more than five times Q3 2012's number.

Those results handily beat the average analyst expectation of $367 million and $0.56 per share.

The news wasn't as good regarding forward guidance, however. The company said it expects $235 million to $285 million in the top line for this quarter, and EPS of $0.10 to $0.25. Analysts had been modeling $305 million and $0.34.

For the entirety of fiscal 2013, the company believes it will post revenue of $1.15 billion to $1.20 billion, and EPS of $0.05 to $0.20.

Take-Two also announced that its board has authorized the repurchase of 7.5 million shares of the company's common stock.

Fool contributor Eric Volkman has no position in Take-Two Interactive Software. The Motley Fool recommends Take-Two Interactive Software. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.