THE MIRROR OF MEDIA

Activision Blizzard Q2 Earnings Top Estimates, Raises Outlook


Activision Blizzard (ATVI) delivered sturdy second-quarter outcomes and raised its outlook for the 12 months after benefiting from sturdy execution by artistic and business groups.

The online game firm generated $1.92 billion in internet bookings within the quarter, beating the consensus estimate of $1.89 billion. Nevertheless, the end result got here in beneath the $2.08 billion generated in the identical quarter final 12 months. In-game internet bookings additionally declined to $1.32 billion, in comparison with $1.37 billion reported within the second quarter of 2020.

Earnings per share landed at $1.20, in comparison with $0.81 for the second quarter of 2020, and was above consensus estimates of $0.74. Activision Blizzard ended the quarter with 408 million month-to-month lively customers.

Over the past two years, investments in massive franchises have allowed Activision Blizzard to scale and improve the monetary trajectory of its key gaming titles, together with Name of Responsibility, World of Warcraft, and Sweet Crush. (See Activision Blizzard stock charts on TipRanks)

“This work continued to ship sturdy ends in the second quarter, at the same time as nations continued to reopen from lockdowns associated to the pandemic,” Activision said in a press launch.

For the third quarter, Activision Blizzard tasks earnings of $0.75 a share, with earnings of $3.54 a share for 2021. Internet bookings for Q3 and 2021 are anticipated to be $1.85 billion and $8.65 billion, respectively.

Following the spectacular second-quarter outcomes, Barclays analyst Mario Lu reiterated a Purchase score on the inventory and raised his worth goal to $116 from $107, implying 31.26% upside potential to present ranges.

In response to the analyst, the present valuation presents a beautiful entry level given the clear path for long-term development.

Consensus amongst analysts is that ATVI is a Sturdy Purchase based mostly on 14 unanimous Buys. The average Activision Blizzard price target of $116.43 implies 42.82% upside potential to present ranges.

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