Activision Blizzard Inc.'s latest video game offerings helped to more than triple its net income in the third quarter. The results exceeded Wall Street expectations.
The Santa Monica company late Thursday reported net income of $51 million (4 cents per share), compared with net income of $15 million (1 cent) a year earlier.
Revenue climbed 6 percent to $745 million, boosted by the latest games in the "Call of Duty," "StarCraft" and "World of Warcraft" franchises.
After adjustments for deferred revenue and other items, net income was 12 cents per share on adjusted revenue of $857 million. Analysts surveyed by Thomson Reuters on average were expecting adjusted per-share profit of 9 cents on adjusted revenue of $750 million.
For the full current year, the company now expects adjusted earnings of 74 cents per share on revenue of $4.45 billion, compared with earlier guidance of 72 cents and $4.4 billion, respectively.
Chief Executive Bobby Kotick said the boost was based on expectations for two upcoming game releases, "Call of Duty: Black Ops” and the multiplayer online game “World of Warcraft: Cataclysm.”
“We expect to deliver the most profitable year in our history with record operating margins," Kotick said in a statement.
Shares were down 34 cents, or nearly 3 percent, to $11.30 in midday trading on the Nasdaq.
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