5 Stocks in the Limelight After Releasing Their Financial Results

2. Take-Two Interactive Software, Inc. (NASDAQ:TTWO)

Number of Hedge Fund Holders: 55

Shares of Take-Two Interactive Software, Inc. (NASDAQ:TTWO) rose more than five percent in the pre-market trading session on Tuesday, May 17, 2022, after beating profit expectations for its fiscal fourth quarter.

Take-Two Interactive Software, Inc. (NASDAQ:TTWO) reported adjusted earnings of $1.09 per share, topping estimates of $1.04 per share. Revenue for the quarter increased 11 percent to $930 million, while net bookings rose 8 percent to $845.8 million.

On the downside, Take-Two Interactive Software, Inc. (NASDAQ:TTWO) issued a weak sales outlook for its fiscal first quarter and full year. The video game publisher expects adjusted revenue in the range of $700 – $750 million for the current quarter and between $3.75 billion to $3.85 billion for its fiscal year 2023. The guidance missed the consensus of $777.9 million for the current quarter and $3.96 billion for the full year.

Speaking on the results, CEO Strauss Zelnick said in a statement:

“In addition to our outstanding financial results, I am pleased that we took pivotal steps to position our organization for the long term by investing in talent, broadening our portfolio further, and agreeing upon our transformational pending combination with Zynga, which has the potential to exponentially increase our Net Bookings from mobile, while also enabling us to deliver substantial cost synergies and revenue opportunities.”