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Take-Two Interactive Software swings to loss in fiscal Q3

Take-Two Interactive Software Inc. said its normalized net income for the fiscal third quarter ended Dec. 31, 2016, was a loss of 17 cents per share, compared with the S&P Capital IQ consensus estimate of 94 cents per share.

The per-share result swung to a loss from the prior-year profit of 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $15.2 million, compared with income of $2.5 million in the prior-year period.

The normalized profit margin declined to negative 3.2% from 0.6% in the year-earlier period.

Total revenue increased 15.0% year over year to $476.5 million from $414.2 million, and total operating expenses climbed 23.6% from the prior-year period to $497.2 million from $402.2 million.

Reported net income totaled a loss of $29.8 million, or a loss of 33 cents per share, compared with a loss of $42.4 million, or a loss of 51 cents per share, in the prior-year period.