86.7 F
Laguna Hills
Sunday, Aug 14, 2022
-Advertisement-

Blizzard Entertainment Parent Reports Sales, Profit Drop

CEO wants takeover by Microsoft ‘as soon as possible’

Activision Blizzard, the parent company of Blizzard Entertainment in Irvine, posted a 28% drop in quarterly net revenue while net income was down 68% as the tapering of the pandemic led more people away from video games and inflation gave them less money to spend.

Activision Blizzard agreed in January to be acquired by Microsoft Corp. for $68.7 billion, and the proposed deal is under regulatory review in the U.S. and Europe. Bobby Kotick, the CEO of the Santa Monica-based company, said in today’s earnings statement that the firm looks forward to completing the transaction “as soon as possible.”

Second-quarter revenue was $1.64 billion, down from $2.3 billion in the same period a year ago, while profit fell to $280 million from $876 million.

The shares rose 0.5% to $80.44 apiece in after-hours trading for a market cap of $63 billion.

Kevin Costelloe
Kevin Costelloe
Tech reporter at Orange County Business Journal
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-