Activision Blizzard Earnings: Boosted Profit Helps Beat the Street
Activision Blizzard Inc (NASDAQ:ATVI) reported net income above Wall Street’s expectations for the first quarter. Activision Blizzard is an online, personal computer, console, and handheld game publisher.
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Activision Blizzard Inc Earnings Cheat Sheet for the First Quarter
Results: Net income for Activision Blizzard Inc rose to $384 million (33 cents per share) vs. $211 million (42 cents per share) in the same quarter a year earlier. This marks a rise of 82% from the year-earlier quarter.
Revenue: Fell 19.1% to $1.17 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Activision Blizzard Inc reported adjusted net income of 6 cents per share. By that measure, the company beat the mean estimate of one cent per share. It beat the average revenue estimate of $551.9 million.
The company has now topped analyst estimates for the last four quarters. It beat the mark by 4 cents in the fourth quarter of the last fiscal year, by 5 cents in the third quarter of the last fiscal year, and by 5 cents in the second quarter of the last fiscal year.
Revenue has fallen in the past two quarters. In the fourth quarter of the last fiscal year, revenue declined 1.5% to $1.41 billion from the year-earlier quarter.
Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the second quarter has risen to 14 cents per share from 10 cents. At 88 cents per share, the average estimate for the fiscal year has fallen from 91 cents ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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