By Kimberly Chin
Activision Blizzard Inc. reported a higher profit in the first quarter, driven by strong revenue growth as people continued to find entertainment in its games during the coronavirus pandemic.
The videogame company recorded earnings of $619 million, up from $505 million in the same period a year earlier. Per-share profit was 79 cents, up from 65 cents a year ago. Adjusted earnings were 98 cents a share, ahead of analysts' consensus estimates of 70 cents a share, per a FactSet poll.
Net revenue increased 27% to $2.28 billion from the year-earlier quarter, topping analysts' projections of $1.78 billion. Revenue from digital channels was $2.01 billion.
Net bookings, a key metric that looks at the amount of products and services sold digitally or sold-in physically in the period, rose 36% to $2.07 billion compared with last year's first quarter.
The company said it had 435 million monthly active users in the March quarter, up from 397 million in the December quarter and higher than the 407 million in the comparable quarter last year.
Activision's popular video game franchises include Call of Duty, World of Warcraft and Candy Crush.
Write to Kimberly Chin at firstname.lastname@example.org
(END) Dow Jones Newswires