May 20, 2020 / 8:36 PM / 5 days ago

Take-Two beats sales estimates as lockdowns boost 'NBA 2K' demand

(Reuters) - Take-Two Interactive Software Inc (TTWO.O) topped analysts’ estimates for quarterly adjusted sales on Wednesday, helped by strong demand for its games “NBA 2K” and “Grand Theft Auto” as people stayed indoors due to coronavirus-induced lockdowns.

Shares of the company were up 2% at $149.94 in extended trading.

Videogame sales in the United States have surged in the last two months as the coronvirus outbreak shut down the country and forced millions to stay inside their homes, with sales in March hitting their highest in more than a decade.

Take-Two said it expects full-year adjusted revenue of between $2.55 billion and $2.65 billion, compared with analysts’ average estimate of $2.71 billion, according to IBES data from Refinitiv.

On an adjusted basis, the game publisher’s adjusted revenue in the fourth-quarter ended March 31 stood at $729.4 million, beating Wall Street expectations of $584.04 million.

New York-based Take-Two’s quarterly net income rose to $122.7 million, or $1.07 per share, from $56.8 million, or 50 cents per share, a year earlier.

The company also announced the release of the next title in its NBA franchise, NBA 2K21, which it expects to launch in the fall of 2020.

Reporting by Ayanti Bera and Munsif Vengattil in Bengaluru; Editing by Aditya Soni

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