Activision Blizzard stock sinks following weaker forecast, delays of upcoming 'Overwatch' and 'Diablo' games.
Activision Blizzard Inc. shares sank in the extended session Tuesday after the videogame publisher’s lighter-than-expected outlook and expected delay of two games eclipsed an earnings beat and commitments to a safe and equitable work environment.
Analysts, however, estimated earnings of $1.38 a share on revenue of $2.91 billion and bookings of $2.89 billion for the fourth quarter, and earnings of $3.83 a share on revenue of $8.79 billion and bookings of $8.76 billion for the year. “While we are still planning to deliver a substantial amount of content from Blizzard next year, we are now planning for a later launch for ‘Overwatch 2’ and ‘Diablo IV’ than originally envisaged,” Daniel Alegre, the company’s chief operating officer, said on the call. “These are two of the most eagerly anticipated titles in the industry, and our teams have made great strides towards completion in recent quarters.
Revenue rose to $2.07 billion from $1.95 billion in the year-ago quarter, while bookings increased to $1.88 billion from $1.77 billion last year. Bookings represent the value of digital products and services sold during a quarter, but part of the revenue from those purchases is often recognized in future quarters.
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