Take-Two Beats Estimates, Q2 Looks Good

Take-Two Interactive (TTWO) reported better-than-expected results for its its fiscal first quarter ended January.

The company reported revenue of $240.4 million and a non-GAAP loss of 41 cents a share. The Street had expected $211.2 million and a loss of 51 cents.

For fiscal Q2, Take-Two sees revenue of $450 million to $500 million, with non-GAAP profits of $1 to $1.10 a share. For the October 2008 fiscal year, the company sees revenue of $1.25 billion to $1.4 billion, with non-GAAP EPS of $1.35 to $1.55 a share.

The Street has been looking for Q2 revenue of $462.8 million and EPS of $1.04; for the year, the consensus had been $1.36 billion and $1.35.

The company did not specifically mention the pending unfriendly $26-a-share takeover bid from Electronic Arts (ERTS). But Chairman Strauss Zelnick did say in the earnings release that the company believes its “extraordinary creative assets and improving operational efficiency will be sources of significant value for shareholders as the interactive entertainment industry moves further into the current growth cycle.”

The company also indicated that it still plans to ship its Grand Theft Auto IV game in the second quarter.

In after hours trading, TTWO is up 95 cents, or 3.9%, at $25.60.