Activision Profit Soars on Sales of New Games

Thursday, 07 Feb 2013 04:42 PM

 

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Activision Blizzard Inc., the largest U.S. video-game maker, said fourth-quarter net income more than tripled, beating analysts’ estimates on gains from the latest “Skylanders” and “Call of Duty” titles.

Net income soared to $354 million, or 31 cents a share, from $99 million, or 8 cents, a year earlier, the Santa Monica, California-based company said Thursday in a statement. Excluding items, profit of 78 cents exceeded the 72-cent average of 22 analysts’ estimates compiled by Bloomberg.

Sales, excluding changes in deferred revenue, rose 7.6 percent to $2.6 billon, beating the $2.44 billion average estimate of analysts.

Activision has weathered an industry decline by updating existing top sellers and developing new ones. The company recently announced a third installment of its “Skylanders” franchise, which marries a traditional video game with collectible action figures. Consumers purchased more than $500 million of the games and toys in the past two iterations.

Activision shares jumped 4.7 percent at $12.63 in aftermarket trading Thursday, after gaining 1 percent during the regular session. The shares had gained 14 percent this year.

© Copyright 2014 Bloomberg News. All rights reserved.

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