SANTA MONICA, Calif., Nov. 4, 2010 /PRNewswire-FirstCall/ -- Activision Blizzard, Inc. (Nasdaq: ATVI) today announced better-than-expected financial results for the third quarter of 2010.
For the quarter ended September 30, 2010, Activision Blizzard's GAAP net revenues were $745 million, as compared to its prior third-quarter outlook of $600 million. On a non-GAAP basis, the company's net revenues were $857 million, as compared to its prior third-quarter outlook of $725 million.
For the quarter ended September 30, 2010, Activision Blizzard's GAAP earnings per diluted share were $0.04, as compared to its prior third-quarter outlook of break even GAAP earnings per share. On a non-GAAP basis, the company's earnings per diluted share were $0.12, as compared to its prior third-quarter outlook of $0.08.
The company reports results on both a GAAP and a non-GAAP basis. Please refer to the tables at the back of this press release for a reconciliation of the company's GAAP and non-GAAP results.
Robert Kotick, CEO of Activision Blizzard, stated, "For the third quarter, we exceeded our net revenues and earnings per share outlook and delivered strong year-over-year growth. Our better-than-expected results are due to our leadership in online entertainment, including strong performance from Activision Publishing's Call of Duty® franchise, and Blizzard Entertainment's World of Warcraft® and StarCraft® II: Wings of Liberty™. For the nine months ending September 30, 2010, our digital offerings contributed close to half of our total non-GAAP net revenues and our digital revenues have increased more than 15% over the prior year. Most importantly, we continue to deliver some of the world's best games."
Kotick continued, "Activision Publishing is about to introduce what is likely to be the biggest entertainment launch of the year with Call of Duty®: Black Ops, followed by Blizzard Entertainment's World of Warcraft: Cataclysm™, which we believe will deliver an incredible breadth of new content to the world's largest massively multiplayer online role playing game (MMORPG) community. As a result of our over-performance, we are raising our calendar year 2010 net revenue and earnings outlook. We expect to deliver the most profitable year in our history with record operating margins."
Activision Blizzard Announces Better-Than-Expected Third Quarter 2010 Financial Results
TL:dr summary
$51 million profits for Q3
and $745 mil in revenue
Financial advise: Buy their stocks
people always buy out call of duty