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Activision Blizzard, Inc. (NASDAQ:ATVI) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 5.14%.
Activision Blizzard, Inc. Earnings Cheat Sheet
Results: Net income increased 257.58% to $354 million (78 cents per diluted share adjusted ) in the quarter versus a net gain of $99 million in the year-earlier quarter.
Revenue: Rose 25.66% to $1.77 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Activision Blizzard, Inc. reported adjusted net income of 78 cents per share. By that measure, the company beat the mean analyst estimate of $0.72. It missed the average revenue estimate of $2.44 billion.
Quoting Management: Bobby Kotick, Chief Executive Officer, Activision Blizzard, said, “We are very pleased to report that Activision Blizzard delivered the best performance in its history. With better-than-expected net revenues, record operating margins and record earnings, and over $1.3 billion in operating cash flow, we continue to set the industry success bar. I would like to thank our incredibly talented employees around the world for their passion, drive and creativity, which continues to fuel our success.”
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