Take-Two's CEO Thinks His Stock Is a Deep Value. Is He Right?
Take-Two Interactive (NASDAQ: TTWO) delivered a strong quarter, with net bookings exceeding management's expectations and increasing 3% year over year to $985 million. The stock is rose 4.3% the day after the results.
One of the notable highlights of the earnings report was the disclosure that Take-Two had repurchased $200 million worth of its own stock in the quarter at an average share price of $158.67. This is big news, because, unlike most companies that do buybacks, Take-Two doesn't conduct a share repurchase program on an ongoing basis.
"This marks the first time in over two years that we repurchased our stock, underscoring the deep value that we observed in our share price," CEO Strauss Zelnick said during the earnings call.
Source Fool.com
