November 08, 2012 at 08:47 AM EST
Activision Blizzard Reports Higher Profits; Raises Outlook (ATVI)

Video game developer, Activision Blizzard, Inc.(ATVI) reported increased earnings for the quarter, but missed analysts estimates Thursday.

The Santa Monia, CA based company reported third quarter earnings of $226 million, or 20 cents per share, up 34.5% from last years earnings of $148 million, or 13 cents per share. Adjusted earnings were $168 million, or 15 cents per share, a 48% increase from $87 million, or 7 cents per share last year. Analysts expected 8 cents per share.

Revenue was $751 million for the quarter, up 16.5% from $627 million last year. Analysts expected $709.80 million.

Looking ahead, the company expects to see full year earnings of $1.10 per share, and revenue of $4.805 billion. The company previously expected earnings of 99 cents per share, and revenue of $4.630 billion. The increased outlook is due to high expectations of its “Call of Duty: Black Ops II” sales which will begin next week.

Activision Blizzard shares were up 32 cents, or 2.88% during premarket trading Thursday.

The Bottom Line
Shares of Activision Blizzard (ATVI) have a 1.62% dividend yield, based on last night’s closing stock price of $11.13. The stock has technical support in the $10 price area. If the shares can firm up, we see overhead resistance around the $12-$13 price levels.

Activision Blizzard, Inc.(ATVI) is not recommended at this time, holding a DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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