Santa Monica video game publisher Activision Blizzard Inc. beat first quarter earnings projections, posting adjusted net income of $116 million (16 cents a share) on revenue of $1.28 billion.

The earnings beat consensus estimates of $52.1 million (7 cents) and the news sent Activision’s shares up about 2 percent in after-hours trading Wednesday to more than $23.

About three quarters of the company’s sales came online rather than from retail.

Activision’s $394 million in GAAP earnings (53 cents a share) on net revenue of $1.28 billion were 33 percent higher than $293 million (40 cents) posted in the year earlier period.

The company said it expected net revenue to drop in the second quarter to $930 million. Activision is projecting full-year earnings of 98 cents a share on net revenue of $4.25 billion.