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What the heck happened to Take-Two Interactive Software? The maker of popular video games such as "Grand Theft Auto" has been a long-time favorite for Jim Cramer, yet somehow after reporting a fabulous quarter the stock fell off a cliff on Wednesday.
On Tuesday night, Take-Two reported a 25 cent earnings beat from a $1.52 basis, crushed revenue estimates and upped guidance for the year. Unfortunately, investors still took the stock to the woodshed, claiming there was not much visibility into its game release schedule.
The "Grand Theft Auto" franchise has been a consistent bestseller thus far, along with other Take-Two titles such as "Red Dead," "Max Payne," "Borderlands," "Bioshock," "Civilation" and additional sports games for the NBA and Major League Baseball.
But it seemed that the lack of "Grand Theft Auto" in the release schedule is all that Wall Street cared about.
Could the stock market's flounder be an opportunity for investors? To find out, Cramer sat down with Take-Two Interactive Software CEO Strauss Zelnick.
"When the question is raised that we keep increasing the comps because the results are so good, it's really hard to argue with that. That's a problem I'd like to have," Zelnick said.
The CEO explained that there were certain things that he thinks investors may have overlooked. Such as its newest title, "Evolve." Take-Two is also launching "Civilization" online in South Korea in 2016, and has 24 million registered users for its game "NBA 2K" in China.
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Zelnick commented on the company's profitability, saying, "We have 10 franchises that have sold at least 5 million units per release. So at $60, that's $300 million…and there are other sales after that."
Ultimately, Cramer continued to keep Take-Two on his list of favorites and thinks this could be an opportunity to buy on weakness.