Boston, MA 02/05/2014 (wallstreetpr) – Take Two Interactive Software, Inc. (NASDAQ:TTWO) has posted impressive financial results for its third quarter 2014 that ended on December 31, 2013. The fiscal third quarter 2014 saw GAAP revenue increase to $1.86 billion from a low of $415.8 million recorded for the same quarter in 2013. GAAP net income stood at $4.69 per diluted shares from continued operations or a total of $574.8 million. This was a massive improvement considering the company only recorded GAAP net income of $70 million a year ago. The company’s cash equivalent as of the close of business on December 31 2013 stood at $972.2 million.
Take Two Interactive Software, Inc. (NASDAQ:TTWO) Non GAAP net revenue for the quarter grew to $767.7 million surpassing the previous similar quarter earnings of $405 million. Its Non-GAAP net income hit the $210.7 million mark or $1.07 per diluted share compared to $78.8 million or $0.67 that was recorded a year ago. The increasing and growing financial outlook reflects the company’s strong fiscal third quarter that had lower share count due to the repurchase of 16.24 million shares in November 2013.
Positives from the results
Take Two Interactive Software, Inc. (NASDAQ:TTWO) continues to outshine its competition in the market outperforming expectations clearly showing that the future could be even more wanting. The impressive results were mostly driven by robust demand for grand Auto V, the launch of NBA 2K14 and the massive growth in the digitally delivered revenues being led by Grand Theft Auto Online. Take two was considered as the top video game publisher in 2013 something clearly shown by its impressive earnings. Looking into the future the company has once again raised its revenue and earnings outlook for 2014 which it expects to be record breaking in the market.
Take Two Interactive Software, Inc. (NASDAQ:TTWO) closed the market on Tuesday at lows of $17.06 a drop of 9.74%.
