This post was originally published on this sitehttps://i-invdn-com.akamaized.net/news/LYNXNPEB7O0AO_M.jpg
By Kim Khan
Investing.com – Videogame maker Take-Two Interactive Software (NASDAQ:) fell sharply Friday after tepid quarterly results added to consternation about the company losing a key member of the company.
Shares of Take-Two (NASDAQ:) plunged 10% in midday trading.
Take-Two (NASDAQ:) said after the bell Thursday it earned $1.63 per share in its fiscal third quarter, the all-important holiday period. Sales came in at $930.1 million.
Both missed expectations, with analysts predicting a profit of $1.73 per share and sales of $921.1 million, according to forecasts compiled by Investing.com.
Looking ahead, Take-Two (NASDAQ:) predicted fiscal fourth-quarter earnings of 92 cents per share to $1.12 per share on sales of $635 million to $685 million. The earnings forecast was below the S&P Capital IQ consensus of $1.13 per share.
Just two day ago the company announced that Dan Houser, one of the founder of Rockstar Games, which created the best-selling game franchises “Grand Theft Auto” and “Red Dead Redemption”, was leaving Take-Two (NASDAQ:).
That brought investor angst “to a fever pitch,” according to Bernstein analyst Todd Juenger, who took his price target on the stock down to $137 from $151 per share.
Before today’s dive, shares were about flat in the last six months.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.