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Activision Nearly Triples Profits In Surprising Q3
by Frank Cifaldi [Console/PC, Social/Online, Business]
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November 8, 2011
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Activision Blizzard has substantially beaten financial analyst expectations in its third fiscal quarter ending September 30.
In all the company reports adjusted, non-GAAP sales of $627 million for the period, substantially more than the $558.44 million average estimate among analysts polled by Thomson Reuters.
Profits for the company were reported at $148 million for the quarter, nearly tripling the $51 million reported during the same period one year ago.
The majority of revenues came from the company's digital channels: specifically, $386 of the $627 million, or 62 percent, versus 42 percent during the same period one year ago.
"As we focus on 2012, we have a strong product pipeline which features a minimum of two highly-anticipated new titles from Blizzard Entertainment, including Diablo III, and a new Call of Duty game from Activision Publishing," said CEO Bobby Kotick in a statement.
"As a result, we expect to deliver another year of profitable growth. I believe our unyielding commitment to excellence and our creative talent around the globe will continue to position Activision Blizzard as the leader in interactive entertainment"
The company has now raised its annual revenue forecast, from $4.18 billion to $4.25 billion, due to what Kotick described as "stronger than expected consumer response" to its recently-launched Skylanders: Spyro's Adventures, as well as Tuesday's release of Call of Duty: Modern Warfare 3.
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