Activision Blizzard Earnings Beat Expectations, Stock Gains

Activision Blizzard Inc. earnings results came in better than expected Thursday, and the video game publisher's stock added about 3% in late trading. The company reported profit of 17 cents a share on sales of $1.57 billion; after adjustments, Activision claimed a profit of 45 cents a share. Analysts on average expected adjusted profit of 42 cents on sales of $1.45 billion, according to FactSet. Chief Executive Bobby Kotick credited the May launch of "Overwatch," along with continued strong performance from the newest "Call of Duty" and acquisition King Digital's "Candy Crush" series for the performance, and raised the company's annual guidance. Activision now forecasts full-year profit of 87 cents a share on sales of $6.4 billion. Activision stock topped $41.50 in late trading after closing with a 1.1% gain at $40.83.