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Earnings Results: Activision Blizzard stock rises as results top Street view

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Activision Blizzard Inc. shares rose in the extended session Tuesday after the videogame publisher’s quarterly results and outlook topped Wall Street expectations.

Activision Blizzard
ATVI,
-2.70%

 shares rose 4% after hours, following a 2.7% decline in the regular session to close at $88.69.

The company reported first-quarter net income of $619 million, or 79 cents a share, compared with $505 million, or 65 cents a share, in the year-ago period. Analysts surveyed by FactSet had forecast earnings of 67 cents a share.

Revenue rose to $2.28 billion from $1.79 billion in the year-ago quarter, while bookings grew to $2.07 billion from $1.52 billion last year. Bookings represent the value of digital products and services sold during a quarter, but part of the revenue from those purchases is often recognized in future quarters.

Adjusted earnings, which exclude share-based compensation expenses and other items, rose to 98 cents a share from 76 cents a share in the year-ago period.

Analysts had forecast adjusted earnings of 70 cents a share on revenue of $1.78 billion and bookings of $1.8 billion.

Activision Blizzard expects adjusted earnings of 81 cents a share on revenue of $2.14 billion and bookings of $1.85 billion for the second quarter, and $3.42 a share on revenue of $8.37 billion and bookings of $8.6 billion for the year.

Analysts estimate earnings of 75 cents a share on revenue of $1.81 billion and bookings of $1.85 billion for the quarter, and earnings of $3.67 a share on revenue of $8.53 billion and bookings of $8.57 billion for the year.

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