Take-Two Interactive Software (TTWO – Snapshot Report), one of the world's leading developers of video games, reported its first quarter fiscal 2016 results after the closing bell this afternoon.

Take-Two is most notable for its NBA 2k, Grand Theft Auto, and Borderlands games franchises. A series of successful games, led by Grand Theft Auto V, has put Take-Two in a comfortable position recently. Last quarter, the company posted a positive earnings surprise of 250%.

Despite a successful product pipeline, Take-Two could struggle to maintain its market advantage in the near future. Grand Theft Auto 6 isn't set to be released until 2017, meaning competitors like Electronic Arts (EA – Analyst Report), Activision Blizzard ( (ATVI – Snapshot Report), and Zynga (ZNGA – Snapshot Report) have time to catch up. Also, Take-Two relies heavily on console-based games, with a very limited mobile library.

Currently, Take-Two holds a Zacks Rank #1 (Strong Buy). We've highlighted some of the key stats from today's earnings report below:

Earnings: Take-Two reported an EPS of $0.21, missing the Zacks Consensus Estimate of $0.27.

Revenue: Take-Two cruised past our consensus estimate of $335 million and posted quarterly revenues of $366.4 million.

Key Stats to Note: Take-Two expects earnings of 5 cents to 15 cents a share and revenue of $275 million to $325 million for the second quarter of fiscal 2016.

Stock Price: TTWO was down about 1.5% at the closing bell today, and shares slumped a further 3% following the earnings report.