Video game developer, Activision Blizzard, Inc.( ATVI ) reported increased earnings for the quarter, but missed analysts estimates Thursday.
The Santa Monia, CA based company reported third quarter earnings of $226 million, or 20 cents per share, up 34.5% from last years earnings of $148 million, or 13 cents per share. Adjusted earnings were $168 million, or 15 cents per share, a 48% increase from $87 million, or 7 cents per share last year. Analysts expected 8 cents per share.
Revenue was $751 million for the quarter, up 16.5% from $627 million last year. Analysts expected $709.80 million.
Looking ahead, the company expects to see full year earnings of $1.10 per share, and revenue of $4.805 billion. The company previously expected earnings of 99 cents per share, and revenue of $4.630 billion. The increased outlook is due to high expectations of its "Call of Duty: Black Ops II" sales which will begin next week.
Activision Blizzard shares were up 32 cents, or 2.88% during premarket trading Thursday.
The Bottom Line
Shares of Activision Blizzard ( ATVI ) have a 1.62% dividend yield, based on last night's closing stock price of $11.13. The stock has technical support in the $10 price area. If the shares can firm up, we see overhead resistance around the $12-$13 price levels.
Activision Blizzard, Inc.( ATVI ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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