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Author: Alan LittleDate: 2021-05-20

Take-Two (TTWO) +5.65%, Target (TGT) +4.28% on strong Q1 reports

Take-Two Interactive (TTWO) shares rose 5.65% early on Wednesday after the video game publisher “concluded an exceptional year” with impressive earnings and revenue beats in the latest quarter. 


For the three months to 31st March, Take-Two said that revenue jumped 10% to $839.4m versus the $760.5m figure from a year ago and the comparatively conservative $661.4m Wall Street consensus. 


Net income also increased to $1.88 per share, which was 81 cents higher year over year and well ahead of the $0.97 predictions heading into the report.  


Take-Two’s strong gaming portfolio, which includes the hugely popular Grand Theft Auto franchise, was key to another eye-catching quarter. 


CEO Strauss Zelnick said that the company’s fiscal Q4 capped a memorable year, with the gaming industry among the few to thrive during the pandemic as more people played consoles at home. 


He added: “We delivered record operating results, including net bookings of approximately $3.6 billion and adjusted unrestricted operating cash flow of $920 million.” 


Take-Two now sees revenue and profit topping out at $3.24bn and $257m respectively, during fiscal 2022.  


Back in February, analysts were bullish on Take-Two, with Morgan Stanley’s Brian Nowak highlighting “strong gaming trends” that would drive its earnings power throughout this year.  


The Q1 report was well received in midweek as TTWO shares advanced 5.65% to $177.16 on the Nasdaq. 


Retailer Target (TGT) made gains of 4.28% in the morning after it smashed forecasts and guided for “high single digit growth” in sales in Q2. 


Target posted $3.69 earnings per share to trump the $2.21 consensus and a 23.4% spike in revenue of $24.2bn versus the $21.76bn estimates. 


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