Activision Blizzard Q3 Results Top Estimates

(RTTNews) - Activision Blizzard, Inc. (ATVI) reported a net loss for the third quarter of $23 million or $0.03 per share, compared to net income of $56 million or $0.05 per share for the year-ago quarter.

Excluding items, adjusted earnings per share for the third quarter were $0.23, compared to $0.08 for the third quarter of 2013.

Blizzard's net revenues for the third quarter rose to $753 million from $691 million a year ago, while adjusted net revenues surged to $1.17 billion from $657 million last year.

Analysts polled by Thomson Reuters expected the company to earn $0.13 per share on revenue of $1.01 billion for the third quarter. Analysts' estimates typically exclude special items.

Looking forward to the fourth quarter, the company forecasts revenue of $1.492 billion, adjusted revenue of $2.200 billion, earnings of $0.28 per share and adjusted earnings of $0.86 per share. Analysts currently expect the company to earn $0.94 per share on revenue of $2.34 billion for the fourth quarter.

For the full year 2014, the company now expects revenue of $4.325 billion, adjusted revenue of $4.800 billion, earnings of $0.91 per share and adjusted earnings of $1.35 per share. Previously, the company expected revenue of $4.240 billion, adjusted revenue of $4.700 billion, earnings of $0.91 per share and adjusted earnings of $1.29 per share.

Analysts currently expect the company to earn $1.33 per share on revenue of $4.75 billion for the full year 2014.