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Take-Two Interactive Software profit beats consensus by 61.6% in fiscal Q1

Take-Two Interactive Software Inc. said its normalized net income for the fiscal first quarter ended June 30 amounted to 31 cents per share, compared with the S&P Capital IQ consensus estimate of 19 cents per share.

The per-share result swung to a profit from the prior-year loss of 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $36.7 million, compared with a loss of $21.5 million in the prior-year period.

The normalized profit margin rose to 8.8% from negative 6.9% in the year-earlier period.

Total revenue grew 34.2% year over year to $418.2 million from $311.6 million, and total operating expenses grew on an annual basis to $356.7 million from $341.5 million.

Reported net income totaled $65.5 million, or 56 cents per share, compared with a loss of $38.9 million, or a loss of 46 cents per share, in the year-earlier period.