Video games producer Take-Two Interactive Software Inc (NASDAQ:TTWO) bounced back from the disappointment of a delay to its next potential blockbuster with fourth quarter earnings that smashed market forecasts.
The Grand Theft Auto franchise owner more than doubled net income to US$99.3mln in the quarter to March, its fourth, with sales buoyed by sequels to its Mafia franchise and ongoing sales of Grand Theft Auto V and GTA online. Revenues rose 52% to US$571.6mln.
For the year as a whole, sales totalled US$1.8bn (US$1.51bn) with net income US$67.3mln.
Shares in the games group had tanked Monday when Take-Two confirmed the next edition of its hugely popular western game Red Dead Redemption was to be delayed by around six months to next spring, but the bumper earnings helped the shares recover most of the ground today.
Shares rose around 8% to US$74.30.