Activision Blizzard, Inc. (ATVI) Posts Weaker-Than-Expected Q4 Revenue

Activision Blizzard, Inc. (NASDAQ:ATVI) had strong quarterly earnings results after hours Thursday, but its revenue was below expectations.

Activision Blizzard, Inc. (ATVI)The video game maker announced earnings of 94 cents per share on an adjusted basis for its fourth quarter, which topped the 93 cents per share that analysts polled by Thomson Reuters called for. For the year, Activision Blizzard earned $2.45 per share, below the consensus estimate of $2.57 per share, according to Thomson Reuters.

On the revenue front, the company raked in $7.35 billion, below the $7.41 billion that analysts polled by Thomson Reuters called for. The Activision brand brought in $1.34 billion during the quarter, below the $1.40 billion Wall Street called for, according to StreetAccount.

Its Blizzard brand was stronger, raking in $599 million, ahead of the $526.1 million that analysts were calling for, per StreetAccount. The company’s King segment — which mostly makes mobile games such as the Candy Crush series — brought in $516 million, ahead of the $508.2 million that Wall Street expected.

One of Activision’s strongest games during the quarter was Call of Duty: WWII, which arrived in early November and topped the $1 billion mark in sales after roughly six weeks on the market. The game became the top grossing console game of the year globally, the company said.

“All of the commercial opportunities that exist in professional sports are opportunities that are available to us also,” CEO Bobby Kotick told CNBC in January.

ATVI stock gained 1.8% after the bell Thursday.

Article printed from InvestorPlace Media,

©2021 InvestorPlace Media, LLC