Take-Two shares jump on financial results
Publisher stock up over 7% yesterday on lower-than-expected losses
Shares in Take-Two Interactive rose sharply yesterday following the release of the company's Q3 financial results.
Stock was up 7.78 per cent to USD 10.95, its biggest daily rise in several months, as the publisher posted lower-than-expected losses for the three months to the end of July.
Those losses hit USD 55.5 million, but analysts and investors alike seemed pleased with the overall performance, with Wedbush Morgan's Michael Pachter noting his belief that while challenges remain the company should have a strong financial year next year.
"Despite the execution missteps, we think that Take-Two shares should be valued on next year's earnings, and believe that solid profits next year and a Grand Theft Auto announcement will trigger outsized share appreciation," he wrote in a note to investors, maintaining an Outperform rating.