Activision Blizzard Inc., the parent company of Irvine-based Blizzard Entertainment, reported second-quarter earnings that far outpaced expectations, due in large part to gamers staying home during the COVID-19 pandemic.
The company reported net revenue of $1.9 billion in the three-month period ended June 30, well above the company’s previous outlook of almost $1.7 billion issued on May 5. Quarterly basic earnings per share were 75 cents, up from the firm’s previous outlook of 54 cents.
The company cited “an enlarged gaming audience, against a backdrop of demand tailwinds from shelter-at-home” as the key reason for the bolstered results.
“Our business continues to experience strong momentum, even as tailwinds from shelter-in-place moderate in certain parts of the world,” Activision said.
Shares in Activision Blizzard rose almost 2% to $86.45 per share for a market cap of $66.6 billion at the close, though they drifted downward as much as 1% in after-hours trading.
