Take-Two's adjusted fourth-quarter sales fell 23% year over year, landing at $233 million. Adjusted earnings dropped 45% to $0.21 per diluted share.
Analysts were looking for earnings of $0.10 per share on $203 million in revenue. Take-Two beat Street estimates on both the top and bottom lines.
Mobile releases in the popular Grand Theft Auto franchise helped lift Take-Two's results in the fourth quarter. The company also presented console titles in the Borderlands and Elder Scrolls series.
Looking ahead, the midpoint of management's guidance landed at at $0.30 net loss per share on roughly $127 million in adjusted sales. Analyst estimates for the period currently point a $0.16 net loss per share on $210 million in non-GAAP sales.
Full-year projections came in closer to the Street view, but still below consensus at the midpoint.
Take-Two CEO Strauss Zelnick underscored his company's strong full-year results, alongside upcoming releases in several core franchises. "Over the past several years, Take-Two has been transformed into a financially strong, global interactive entertainment company with numerous successful franchises across a variety of genres," Zelnick said in a prepared statement. "We also have complemented the Company's core business with growing profits from recurrent consumer spending, including add-on content, virtual currency and online gaming."
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