Why Take-Two Interactive Stock Went Up 18% in November
Shares of video game publisher Take-Two Interactive (NASDAQ: TTWO) went up 18.3% in November, according to data provided by S&P Global Market Intelligence. The company reported financial results during the month that weren't very good. But the stock went up anyway because the market is looking past this most recent quarter to its upcoming pipeline of video game titles.
The numbers that Take-Two reported on Nov. 8 were objectively bad. The report covered the fiscal second quarter of 2024, showing a 7% year-over-year drop in net revenue and a huge net loss of $543.6 million. Moreover, management maintained its full-year revenue guidance but lowered its expectations for full-year profits.
Wall Street didn't seem to care, with most analysts upgrading their outlooks for Take-Two stock. For example, Benjamin Soff of Deutsche Bank upgraded his outlook from hold to buy on Nov. 14, according to TipRanks. And he didn't cite the company's numbers. Rather, Soff pointed ahead to the upcoming release of Grand Theft Auto VI for his bullish outlook.
Source Fool.com
