Take-Two Interactive Raises Financial Outlook For FY16

(RTTNews) - Take-Two Interactive Software, Inc. (TTWO) said the company is increasing its financial outlook for fiscal 2016 to reflect its better-than-expected fiscal second quarter results, strong forecast for the balance of the fiscal year and an expected tax benefit, partially offset by the impact of moving the planned launches of Battleborn to May 3, 2016, and XCOM 2 to February 5, 2016.

For its fiscal year ending 3/31/2016, the company now expects: non GAAP net revenue in the range of $1.325 to $1.425 billion, and non GAAP EPS in range of $1.00 to $1.15. In August, the company projected its fiscal 2016 adjusted revenue in a range of of $1.3 billion to $1.4 billion and adjusted earnings of $0.75 to $1.00 per share.

In addition, the company provided its initial financial outlook for the fiscal third quarter ending December 31, 2015. The company expects third quarter: Non-GAAP net revenue in a range of $400 to $450 Million; and Non-GAAP net income per share in a range of $0.40 to $0.50.

For fiscal second quarter 2016, the company reported that its non-GAAP net revenue grew 169% to $364.9 million. Non-GAAP net income was $32.7 million, or $0.30 per share, for the quarter.