Activision Blizzard Inc forecast second-quarter profit below estimates on Thursd...
- Activision Blizzard Inc forecast second-quarter profit below estimates on Thursday, as the videogame maker invests in its core franchises to counter intense competition from games such as “Fortnite” and “Apex Legends”.
The company forecast current-quarter adjusted revenue of $1.15 billion and profit of 23 cents per share, missing analysts’ average estimate of $1.28 billion and 37 cents per share. The company will also not generate material revenue from the “Destiny” game franchise in 2019 following the sale of publishing rights to Bungie in January.
Activision also reaffirmed its full-year guidance for adjusted profit of $2.10 per share and revenue of $6.30 billion. Analysts were expecting a profit of $2.18 per share and revenue of $6.41 billion.
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