February 7, 2018 / 9:36 PM / 8 months ago

"Grand Theft Auto" maker Take-Two posts profit on tax gain

Feb 7 (Reuters) - Take-Two Interactive Software Inc posted on Wednesday a profit for the holiday quarter as the videogame publisher benefited from a gain due to recent changes to the U.S. tax law.

Shares of the company, which forecast current-quarter adjusted revenue largely below estimates, fell 6 percent in extended trading.

The company reported net income of $25.1 million, or 21 cents per share, compared with a loss of $29.8 million, or 33 cents per share, a year earlier.

Take-Two, which launched “Doomsday Heist” for the online version of its popular game “Grand Theft Auto”, said it had a net benefit of $11.9 million from the overhaul of the U.S. tax code.

The company raised its adjusted revenue forecast to $1.99 billion to $2.04 billion for the year ending March 31, from $1.93 billion to $2.03 billion.

Analysts on average were expecting $2.02 billion, according to Thomson Reuters I/B/E/S.

However, the company forecast fourth-quarter adjusted revenue of $410 million to $460 million, compared with the average analyst estimate of $442.1 million.

Last week, the company delayed the launch of its highly anticipated Western action-adventure “Red Dead Redemption 2” videogame for the second time.

The company said it would shift the launch date of the game to Oct. 26. Take Two had first delayed the launch in May to spring 2018 from fall 2017.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila

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