Activision Blizzard Q3 Profit Plunges; Lifts FY13 Outlook - Quick Facts

(RTTNews) - Video game publisher Activision Blizzard Inc. (ATVI) Wednesday reported third-quarter net income of $56 million or $0.05 per share, compared to $226 million or $0.20 per share last year.

Excluding items, adjusted earnings for the quarter were $90 million or $0.08 per share, compared with $168 million or $0.15 per share a year ago.

On average, 23 analysts polled by Thomson Reuters estimated earnings of $0.03 per share for the quarter. Analysts' estimates typically exclude special items.

Meanwhile, GAAP net revenues for the quarter were $691 million, compared with $841 million in the prior year, while non-GAAP net revenues for the quarter totaled $657 million, compared to $751 million a year ago. Analysts expected revenues of $589.43 million.

Looking ahead to the fourth quarter, Activision Blizzard expects earnings of $0.05 per share, non-GAAP earnings of $0.72 per share, GAAP net revenues of $1.26 billion, and non-GAAP net revenues of $2.22 billion. Analysts expect earnings of $0.79 per share on revenues of $2.29 billion.

For the full year 2013, the company now expects earnings of $0.83 per share, non-GAAP earnings $0.89 per share, net revenues of $4.32 billion and non-GAAP net revenues of $4.28 billion. Analysts currently expect full year 2013 earnings of $0.89 per share and revenues of $4.29 billion.

Earlier, the company expected earnings of $0.80 to $0.82, non-GAAP earnings of $0.85 to $0.87 per share and revenues of $4.31 billion.