3DO (Nasdaq: THDO) surged 16 percent Wednesday after it exceeded lowered expectations for the fourth quarter.
Shares were up 15/16 to 6 5/8, still well below their 52-week high of 17 1/8.
The maker of game software reported fiscal fourth quarter earnings of $11.5 million, or 26 cents per share, 2 cents above First Call consensus and a penny above the top end of the range predicted by 3DO in its earnings warning last month.
Fourth quarter revenue, reported after Tuesday's closing bell, was $47.3 million, more than double from the year-ago period. Revenue was also up 104 percent compared to $23.2 million in the prior year's fiscal fourth quarter.
For fiscal 2000, 3DO was profitable; the company earned $200,000, or a penny per share, on revenue of $122.2 million. Revenue was $122.2 million, an increase of 154 percent compared to $48.0 million in fiscal 1999.
The company said its new game roll-out schedule remains aggressive, with 50 new games planned across at least six platforms.
3DO intends to roll out games for Playstation 2 and the Internet during fiscal 2001, Hawkins said. The company also wants to expand outside the United States.
The company's competitors include Activision (Nasdaq: ATVI), Eidos (Nasdaq: EIDSY) and Electronic Arts (Nasdaq: ERTS) according to Hoover's Online.
Activision also reported a fourth-quarter loss Tuesday, and said it expected another loss in the first quarter due to the industry's transition to new video game console hardware.
Activision shares were down 1 9/32 to 6 Wednesday.
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