Take-Two Interactive Software Inc (TTWO.O) on Wednesday beat Wall Street estimates for fourth-quarter adjusted sales on strong demand for legacy titles “NBA 2K” and “Grand Theft Auto”, sending the video game maker’s shares up over 7% after the bell.
The results follow an upbeat performance from peer Electronic Arts (EA.O) and “Call of Duty” maker Activision Blizzard Inc (ATVI.O), confirming signs of the video gaming industry rebounding from a sluggish 2022 due to decades-high inflation.
Take-Two has established itself as one of the dominant players in the U.S. with strong sales from its successful video game franchises and a solid pipeline including titles “Grand Theft Auto VI” and “Star Wars Hunters”.
Fourth-quarter adjusted sales grew 65% to $1.39 billion, compared with Wall Street’s estimate of $1.34 billion, according to data.
However, its annual adjusted revenue forecast between $5.45 billion and $5.55 billion came below Street’s estimate of $6.07 billion.