Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of video game maker Take-Two (NASDAQ:TTWO) have popped today by more than 15% after the company reported strong earnings.
So what: Adjusted revenue came in at $405 million, simply crushing the consensus estimate of $366.3 million. The same story played out with the bottom line, with adjusted net income of $78.8 million, or $0.67 per share. Investors would have been happy with just $0.55 per share in adjusted profits.
Now what: Borderlands 2 and NBA 2K13 were two of the big revenue drivers, and sales are off to a strong start. Shares were under pressure last week when the company announced that the fifth installment of its popular Grand Theft Auto franchise would launch in September, later than most investors were expecting. The company expects full-year adjusted revenue of $1.15 billion to $1.2 billion with adjusted earnings per share of $0.05 to $0.20.
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