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ATVI Activision Blizzard Inc

94.42
0.00 (0.00%)
After Hours
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Activision Blizzard Inc NASDAQ:ATVI NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 94.42 104.01 94.42 0 00:00:00

Activision Blizzard Profit Declines 35%

06/05/2014 11:07pm

Dow Jones News


Activision Blizzard (NASDAQ:ATVI)
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Activision Blizzard Inc. believes it has a lot of punch prepared for the holiday shopping season, and it's spending big to get there.

The company recently disclosed it is spending $500 million on "Destiny," a new space-age shooting videogame from the developers of the blockbuster "Halo" franchise, as part of a decadelong commitment. Activision has said it expects the game to be a billion-dollar franchise.

Bobby Kotick, Activision's chief executive, said he believes Destiny will "Have a long useful valuable life." "We hope it to be the most successful new [game franchise] launch we've had," he said.

The company said its first-quarter profit declined 35% to $293 million, or 40 cents a share, from $456 million, or 40 cents a share--based on a dramatically higher share count--the same time a year earlier. Revenue also fell 16% to $1.1 billion from $1.3 billion a year earlier.

Adjusting for deferred revenue and other items, Activision said it earned 19 cents per share on $772 million in sales. Analysts on average had been expecting 10 cents per share on $688 million in sales, according to surveys by Thomson Reuters.

For the current quarter, Activision said it expected adjusted earnings of 1 cent a share, below analysts expectations of 5 cents a share. Revenue, Activision projected, will be $600 million, higher than the $580 million analysts expect.

For the year, Activision raised its forecast by a penny on an adjusted basis, projecting a profit of $1.27 per share, slightly below analyst expectations of $1.29 per share. Revenue is expected to be about $4.7 billion, roughly in line with analyst expectations.

Write to Ian Sherr at ian.sherr@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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