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Take-Two Interactive Software swings to loss in fiscal Q2

Take-Two Interactive Software Inc. said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 5 cents per share, compared with the S&P Capital IQ consensus estimate of 74 cents per share.

The per-share result swung to a loss from the prior-year profit of 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.0 million, compared with income of $26.7 million in the year-earlier period.

The normalized profit margin fell to negative 1.1% from 6.3% in the year-earlier period.

Total revenue rose 5.6% year over year to $443.6 million from $420.2 million, and total operating expenses rose 21.1% from the prior-year period to $448.6 million from $370.4 million.

Reported net income totaled a loss of $3.3 million, or a loss of 3 cents per share, compared with income of $44.5 million, or 39 cents per share, in the year-earlier period.