Take-Two Interactive Software Inc. said Tuesday that its fourth-quarter net loss more than tripled as revenue fell and the video game maker failed to repeat the success of "Red Dead Redemption" from a year ago.
Sales were slightly better-than-expected and its shares rose 69 cents, or 6.2 percent, to $11.85 in after-hours trading following the release of the earnings report.
The company's net loss in the three months to March 31 came to $66.8 million, or 79 cents per share, worse than the loss of $22.1 million, or 27 cents per share, a year ago.
Excluding stock-based compensation expenses and other items, the adjusted loss came to 60 cents per share, steeper than the 54 cents per share loss expected by analysts polled by FactSet.
Revenue fell 19 percent to $148.1 million from $182.2 million a year ago, but that topped the $144 million expected by analysts.
Game makers have faced a tough market with sluggish sales of games on aging consoles. NPD Group said earlier this month that U.S. retail sales of video game hardware, software and accessories fell 32 percent in April from a year ago, the fifth month of decline.
For the fiscal first quarter, Take-Two expects an adjusted loss of 60 cents to 75 cents per share on revenue of $225 million to $275 million. That's worse than the 9 cents a share profit on $280 million in revenues analysts were looking for.
It also said it expected annual adjusted earnings of $2 to $2.25 per share on revenue of $1.75 billion to $1.85 billion in the year through March 2013. That's below the $2.76 per share in earnings expected by analysts. The revenue forecast bracketed the $1.79 billion expected by analysts.