(Reuters) - Take-Two Interactive Software Inc's <TTWO.O> adjusted profit missed Wall Street estimates for the first time in more than two years as expenses soared 30 percent, sending its shares down as much as 6 percent in extended trading on Monday.
The maker of video games such as "Grand Theft Auto V" and "NBA 2K15" reaffirmed its forecast for the year ending March 31, disappointing some investors.
"I think overall, it was a disappointing report given how much competitors Electronic Arts and Activision Blizzard beat and raised their guidance," Ascendiant Capital Markets analyst Edward Woo told Reuters.
While EA <EA.O> is betting on the launch of "Star Wars: Battlefront" and "Need for Speed" titles, Activision Blizzard Inc <ATVI.O> reported strong sales from "Call of Duty" and "Hearthstone" franchises.
Take-Two's sales were also strong - adjusted revenue more than doubled in the first quarter, boosted by the successful launch of "Grand Theft Auto V" for PCs and strong demand for "NBA 2K15".
"Grand Theft Auto V", which lets users complete missions and engage in activities such as driving and shooting, has sold more than 54 million copies since its launch in September 2013.
The game was launched for PCs in April, helping more than double adjusted net revenue from digitally delivered content to $254 million in the quarter.
But overall net loss widened to $67.0 million, or 81 cents per share, in the quarter ended June 30 from $35.4 million, or 45 cents per share, a year earlier.
Operating expenses rose to $135.3 million.
Excluding items, the company earned 31 cents per share.
Net revenue rose 120 percent to $275.3 million. On an adjusted basis, net revenue surged to $366.4 million from $151.6 million.
Analysts on average expected the company to earn 36 cents per share on revenue of $351.4 million, according to Thomson Reuters I/B/E/S.
(Reporting by Devika Krishna Kumar in Bengaluru; Editing by Saumyadeb Chakrabarty)