‘NBA 2K’, ‘Grand Theft Auto V” please help Take-Two’s surge past estimates

(Reuters) – video Game publisher Take-Two Interactive Software, Inc. (TTWO.O) raised its full-year sales forecast on Monday, encouraged by the success of the games “NBA 2K”, “Grand Theft Auto V” and “Red Dead Redemption 2”, sending the shares up more than 7% in extended trading.

FILE PHOTO: A promotion for the computer game “Grand Theft Auto Five” is show in a Game Stop gaming story in Encinitas, California September 17, 2013. REUTERS/Mike Blake/File Photo

The company, which has been working to get a foothold in the ever-changing gaming landscape, it has managed to prevail over the challenges posed by the rise of mobile and free-to-play games in the desktop -, and console games, most of the time.

Grand Theft Auto V” have sold almost 100 million units since its launch in 2013, making it one of the best-selling games ever for the company.

“The GREAT 2K19,” which made its debut last year, it was the 5th best-selling game in 2018, according to research firm NPD.

Both games proved to be one of the top 10 selling video games in June, according to NPD.

Take-Two’s 2017 and the acquisition of the Spanish mobile game developer Social has helped the traditional game to a publisher, expanding its presence in the mobile gaming industry, with games for “cheating death, stealing life”, “SuperCard”, and “cheating death, stealing life 2K19”, and you can take on Glu Mobile (GLUU.(O) and Zynga Inc (ZNGA.D).

Take-Two has in its annual forecast to $2.60 billion to $2.70 billion, adjusted revenue from the prior forecast, to $2.50 billion to $2.60 billion.

Analysts had expected $2.65 million in sales, according to IBES data, Refinitiv.

The New York-based Take-Two’s forecast of second-quarter revenue of $860 million to $910 million, above analysts’ estimates of $852.5 million.

On an adjusted basis, the publisher of the game sales revenue for the first quarter ended June 30 came in at $422.2 million, or floating, above the average analyst estimate of $356.8 million.

Rival Electronic Arts EA.O) posted first-quarter earnings above estimates in the last month or so, boosted by the strength of the battle royale game, “Lightning Legends”.

The shares of the company, as well as other video game companies, today, after the President, Donald Trump, and in response to the mass shootings in Texas and Ohio, have called for an end to the glorification of violence and negligence “of a shocking and grisly video games for them.

“We are sick and saddened by this tragic event. But to blame the video game industry, it is irresponsible and disrespectful to the families of the victims,” Chief Executive Officer Strauss Zelnick told Reuters. “Video games are consumed around the world. However, gun violence is unique to Us, and we will have to deal with the problems.”

More than 165 million Americans are enjoying video games, and millions of people play video games around the world. Yet, in a different society, in which the video games are to be played as an eager, don’t face the same levels of violence that occur in the United States of america, said the Entertainment Software Association, in a statement.

Take-Two’s net income fell to $46.3 million, or 41 cents a share, up from $71.7 million, or 62 cents a share, a year earlier.

The company’s shares were up 7.21% to $123.7 after the call.

Reporting Sayanti Chakraborty in the leela palace bangalore and Kenneth Li in New York; Editing by Shinjini Ganguli

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