Take-Two Interactive Software Inc. posted net income of $25.1 million, or 21 cents per diluted share, in the fiscal third quarter, compared with a net loss of $29.8 million, or 33 cents per share, in the year-ago period.
The video game publisher booked an incremental income tax expense of $11.9 million, or approximately 10 cents per share, as a result of the new U.S. tax law.
Net revenue rose to $480.8 million in the quarter that ended Dec. 31, 2017, from $476.5 million in the year-ago period.
Digital online net revenue, which accounted for 54% of total revenue, rose 8% to $258.4 million from $240.2 million in the year-ago period. This figure was boosted by Take-Two's iconic "Grand Theft Auto" series, as well as the "NBA 2K18" and "WWE 2K18" titles, among others.
Total net bookings slipped to $653.9 million in the third fiscal quarter from $744.8 million in the year-ago period. Of these, 40% came from net bookings from recurrent consumer spending.
Looking ahead, the company projects that net revenue will be in the range of $460 million to $510 million in the fiscal fourth quarter of 2018.
Net income is forecast to range from $87 million to $99 million, while net bookings are estimated to come in at $410 million to $460 million.
The company also raised its fiscal-year 2018 guidance, with projected net revenue of $1.80 billion to $1.85 billion and net income of $170 million to $181 million.
