Activision Profit More than Doubles

0

Activision Inc. said Friday that net income for its first quarter, which closed before its merger with Vivendi SA’s online games division, more than doubled over the same period last year.


The Santa Monica-based videogame developer, which is now called Activision Blizzard Inc., said that net income jumped to $59 million (18 cents per share), compared with $27.8 million (9 cents) in the same period a year earlier. Analysts polled by Thomson Financial were expecting a profit of 19 cents per share.


Activision also reported sales rose 32 percent to $654 million eclipsing Wall Street’s expectations of $598 million.


Activision merged with Vivendi’s Blizzard games July 10, creating the world’s largest video-game developer. The company said that sales in the quarter were driven by games “Kung Fu Panda,” based on the DreamWorks Animation SKG Inc. animated movie, as well as strong sales in the blockbuster “Guitar Hero” franchise.


Shares in Activision Blizzard were off 4.3 percent to $34.42 in early trading Friday.

No posts to display