So much for Fortnite, Apex Legends and PlayerUnknown’s Battlegrounds hurting Take-Two Interactive. Even though the maker of Red Dead Redemption reported a sales miss and mixed guidance after the market closed Monday, shares of Take-Two (TTWO) rose 6% Tuesday, making it the top performer in the S&P 500.
Investors appeared to be betting that the company’s outlook was conservative and that revenue and profit for the full year will be better than expected. It also looks like Wall Street is starting to realize that gaming fans are more than happy playing multiple titles on their phones, tablets, consoles and PCs. The success of multiplayer battle-royale games like Fortnite and Apex Legends is a good sign for the whole industry.
To that end, Apex Legends publisher Electronic Arts (EA) was the second-best stock in the S&P 500 Tuesday, rising 5%. And Activision Blizzard (ATVI), the maker of the popular Call of Duty and World of Warcraft franchises, gained 4%.