UPDATE: Take-Two stock falls after results and outlook
[This story has been updated to reflect FactSet's corrected comparisons for bookings and sales.] Take-Two Interactive Holdings Inc.'s shares fell 13% in premarket trading after the company reported a bookings beat but a downbeat outlook. The company delivered net income of $179.9 million, or $1.57 a share, up from $25.1 million, or 21 cents a share, a year earlier. Take-Two received a $108.7 million tax benefit in the quarter. related to deferred tax assets. Analysts surveyed by FactSet were expecting earnings per share of 40 cents on a GAAP basis. Take-Two's net bookings climbed to $1.569 billion from $653.9 million a year earlier. This beat the analyst consensus of $1.513 billion, according to FactSet. Take-Two reported net revenue of $1.249 billion, up from $480.8 million a year earlier. Take-Two projects fiscal fourth-quarter net bookings of $450 million to $500 million. The FactSet consensus is $607.8 million. The company expects GAAP earnings per share of 67 cents to 77 cents. The FactSet consensus is for 84 cents in GAAP EPS. Peer Electronic Arts Inc. delivered a weaker-than-expected report on Tuesday afternoon. Take-Two's shares have dropped 13% over the past three months, as of Tuesday's close, while the S&P 500 has dropped 0.6%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.