Video game company Activision Blizzard (((ATVI) At the end of Tuesday, we exceeded our Wall Street goal for the first quarter. It also led analysts to the top throughout the year. ATVI stocks rose in long-term trading.
Based in Santa Monica, Calif., The company earned 84 cents per share, adjusted for a net reservation of $ 2.07 billion in the March quarter. Analysts expected revenue of $ 1.78 billion and revenue of 70 cents per share. Year-over-year, Activision revenue increased 45% and net bookings increased 36%.
Activision expects to generate adjusted earnings of 70 cents per share with a net booking of $ 1.85 billion this quarter. Wall Street predicted Activision revenue of $ 75 million per share with sales of $ 1.81 billion.
Activision forecasts adjusted earnings of $ 3.70 per share for $ 8.6 billion in revenue for the full year. Three months ago, we forecast adjusted earnings for 2021 of $ 8.45 billion, or $ 3.60 per share. Analysts were looking for 2021 revenue of $ 3.65 per share for $ 8.55 billion in sales.
ATVI stocks soar in late trading
“Our continued overperformance gives us a better outlook for the year,” said CEO Bobby Cotic. news release..
The company acknowledged “very strong growth” from its largest franchise in the first quarter beat. These franchises include “Call of Duty,” “World of Warcraft,” and “Candy Crush.”
In after-hours trading Stock market today, ATVI shares surged 4.5% to close to 92.65. During Tuesday’s regular session, ATVI shares fell 2.7% to 88.69.
In addition to the ATVI stock, another video game stock set to run on earnings news on Tuesday Skills (((SKLZ).
Based in San Francisco, Skillz operates a platform for mobile game developers to offer player competition.
Follow Patrick Seitz on Twitter. @IBD_PSeitz Read more articles on consumer technology, software and semiconductor stocks.
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Video game publisher Activision Blizzard surpasses target | Investor Business Daily
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