Better-than-Expected Quarter for Activision BlizzardThursday, February 6, 2014
Activision Blizzard Inc. rose nearly 8 percent in after-hours trading Thursday after the video game maker reported adjusted fourth quarter profit that beat Wall Street expectations.
After the markets closed, the Santa Monica company reported net income of $174 million (22 cents a share), 29 percent lower than in the same period last year. Revenue fell 14 percent to $1.52 billion.
Adjusted for the deferral of digital revenue and other items, net income was 79 cents a share, beating the 73 cents consensus of analysts surveyed by , Thomson Reuters. Adjusted revenue was $2.27 billion, compared with the Wall Street average of $2.22 million.
For the current quarter, Activision expects an adjusted profit of 9 cents a share on adjusted revenue of $675 million, below the Wall Street consensus of 11 cents a share on revenue of $679 million.
Shares, which earlier closed up 38 cents, or 1 percent, to $17.17 on the Nasdaq, were up 7.75 percent in after-hours trading.