Seeking Alpha

Take-Two's FQ2 guidance light, FY14 guidance better, shares +1.5% AH

  • Take-Two (TTWO) expects FQ2 revenue of $750M-$800M and EPS of $1.20-$1.35, below a consensus of  $814.6M and $1.57.
  • But FY14 revenue/EPS guidance has been raised to $1.775B-$1.875B and $2.25-$2.50 from a prior $1.75B-$1.85B and $2-$2.25 (consensus is at $1.85B and $2.35).
  • The launches of Grand Theft Auto V (due Sep. 17) and NBA 2K14 (due in "late 2013") will likely make or break FY14 for Take-Two.
  • FQ1 EPS lifted by a 30% Y/Y drop in opex, stemming largely from a 47% drop in sales/marketing spend to $41.6M. R&D spend +36% to $20.8M.
  • "Digitally delivered content" sales rose 128% Y/Y and made up 52% of revenue.
  • Consoles 73% of revenue, PC/other 25%, handheld just 2%.
  • 60% of revenue came from U.S, even with FQ4 and up from 47% a year ago.
  • Borderlands 2, NBA 2K13, Grand Theft Auto IV, and BioShock Infinite were the biggest FQ1 revenue contributors.
  • FQ2 results, PR
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