Irvine-based Blizzard Entertainment’s parent company saw an increase in first-quarter profit, aided by more people gaming at home during the coronavirus pandemic.
Activision Blizzard in Santa Monica said net income rose to $505 million in the three months ended March 31, up 13% from $447 million a year ago. Earnings per share came to 65 cents, up 12% from 58 cents year-over-year and far above analyst estimates.
Net revenue was $1.79 billion, down from $1.83 billion, but higher than the company’s projected $1.64 billion.
“Increased engagement as people turned to our interactive content” drove results, the company said. It sees “many positive opportunities for our operating performance this year, including the potential for continued heightened engagement … well beyond the second quarter.”
Shares (Nasdaq: ATVI) rose 3% during the trading day and another 5% after hours to about $72 and a $55 billion market cap.
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