Video Games Stocks Open Sharply Higher (TTWO, ERTS, ATVI, Walt Disney)

Shares of video game makers jumped in the opening session after Take-Two Interactive posted a surprise profit in the fiscal third quarter and lifted its guidance for the current quarter.

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The video game maker said that it earned $5.9 million, or 7 cents a share, reversing its loss of $56.5 million, or 73 cents a share, in the year-earlier quarter. On an adjusted basis, the company earned 28 cents per share in the latest quarter.

Revenue soared 273% to $354.1 million from $94.9 million in the same quarter last year.

Analysts were expecting the company to report a loss of 9 cents a share on revenue of $294.67 million.

For the current quarter, the company now expects to generate revenue of $270 - $320 million, with a non-GAAP profit of 20-30 cents a share; significantly ahead of previous guidance for $200 million to $250 million and a loss of 10-20 cents a share.

The full year guidance now calls for revenue of $1.05 billion to $1.1 billion, and a profit of 60-70 cents a share, well above the previous guidance of $810 million to $950 million and a loss of 10-30 cents a share.

Shares of TTWO soared 13.50% to $10.05.

Take-Two Interactive Software, Inc. is a global publisher, developer and distributor of interactive entertainment software, hardware and accessories. The Company’s publishing business consists of Rockstar Games, 2K Games, 2K Sports and 2K Play publishing labels.

Following this results, shares of its rival jumped in late session.

Electronic Arts Inc. (NASDAQ:ERTS) climbed 2.87% to $16.83 on low volume.

Electronic Arts Inc. develops, markets, publishes and distributes video game software and content that can be played by consumers on a range of platforms, including video game consoles, such as the PLAYSTATION 3, Microsoft Xbox 360 and Nintendo Wii; personal computers (PCs), including the Macintosh; handheld game players.

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Activision Blizzard, Inc. (NASDAQ:ATVI) rose 1.54% to $11.18.

Activision Blizzard, Inc. (Activision Blizzard) is an online, personal computer (PC), console and handheld game publisher. Through Activision Publishing, Inc. (Activision), the Company is an international publisher of interactive software products and peripherals.

The Walt Disney Company (NYSE:DIS) also gained 1.36% to $34.37.

The Walt Disney Company, together with its subsidiaries, is a diversified worldwide entertainment company. The Company operates in five segments: Media Networks, Parks and Resorts, Studio Entertainment, Consumer Products and Interactive Media.

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