Shares of Take-Two Interactive (NASDAQ: TTWO) dove beneath their recent 52-week low of $8.65 after the firm reported abysmal earnings. After hours, Take-Two shares dropped 6% to $8.27
For the first quarter of fiscal 2013, net revenue was $226.1 million, as compared to $334.4 million for the first quarter of fiscal 2012. GAAP loss from continuing operations was $110.8 million, or $1.30 per diluted share, as compared to $8.6 million, or $0.11 per diluted share, for the year-ago period.Analysts surveyed by FactSet Research had forecast Take-Two to lose 65 cents a share on $254.5 million in revenue, according to MarketWatch.
Take-Two said its prospects moving forward were also grim. The company expects to lose between $.15 and $.30 a share in the current quarter on revenue of between $200 million and $250 million. Take-Two will also suffer a $.09 a share charge for compensation of 2.2 million shares paid to Zelnick Media, of which Take-Two CEO Strauss Zelnick is a founder.
Douglas A. McIntyre
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