Activision Blizzard Q1 Adj. Profit Beats Estimate; - Quick Facts

(RTTNews) - Activision Blizzard, Inc. (ATVI) Tuesday reported first-quarter profit of $293 million or $0.40 per share, down from $456 million in the comparable quarter last year. Earnings per share for the latest first quarter were $0.40, same as last year.

Adjusted net income for the quarter was $240 million or $0.19 per share, compared to $247 million or $0.17 per share in the prior year period. On average, 23 analysts polled by Thomson Reuters expected the company to earn $0.10 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues decreased to $1.11 billion from $1.32 billion last year. Adjusted revenues for the quarter were $772 million, down from $804 million in the year-ago period. Analysts expected revenues of $688.27 million.

Looking ahead to second quarter, the company expects earnings in the range of $0.22 per share, adjusted earnings of $0.01 per share, revenues in order of $910 million and adjusted revenues of $600 million.

Analysts currently expect second quarter earnings of $0.05 per share on revenues of $580.05 million.

The company lifted its outlook for calendar year 2014 and now expects earnings of $0.89 per share, adjusted earnings of $1.27 per share, revenues of $4.22 billion and adjusted revenues of $4.68 billion. It earlier estimated earnings of $0.76 per share, adjusted earnings of $1.26 per share, revenues of $4.00 billion and adjusted revenues of $4.60 billion.

Analysts now expect earnings of $1.29 per share on revenues of $4.65 billion.