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Activision Blizzard Earnings Beat Outlook In Second Quarter Earnings Report
Activision has published its second quarter earnings results, showing another strong quarter that has finished ahead of projections. As cautioned by CEO Bobby Kotick last quarter, performance was lower year-over-year, but with Skylanders and Call of Duty to come, there isn't any need for alarm.
GAAP net revenues were down slightly from $1.075 billion in second quarter 2012 to $1.050 billion in 2013. This beats outlook of $980 million. GAAP earnings per share were also higher than outlook at $.28.
On a non-GAAP basis, Activision's digital goods made up 63 percent of the company's total revenues. On a GAAP basis, they still account for 37 percent of total revenues.
Activision has slightly raised its third quarter and year-end outlooks, which is due to the stronger than expected second quarter (with no major releases) and the company's new independence from former parent Vivendi.
Our Take
Even when Activision cautions lower performance they beat their targets. Fourth quarter is when Activision shines, with Skylanders in October and Call of Duty in November. Bobby Kotick will likely warn about the console transition on today's call, but the company is still set to post big sales this year.
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