Boston, MA 05/20/2014 (wallstreetpr) – Interactive entertainment publishing company, Activision Blizzard, Inc. (NASDAQ:ATVI) announced that it has increased its earnings and revenue guidance for the current year 2014, both on a GAAP as well as non-GAAP basis. The company has also initiated forecast for the second quarter. The move follows after the company reported better than estimated earnings and revenues for the first quarter.
Outlook
Activision Blizzard has lifted its GAAP earnings forecast to 89 cents a share on net revenues of $4.22 billion for the current year 2014 from 76 cents a share on revenues of $4.0 billion projected earlier. Similarly, the company boosted its non-GAAP earnings guidance to $1.27 a share on revenues of $4.675 billion from $1.26 a share on revenues of $4.60 billion predicted earlier.
On average, Wall Street analysts expect Activision Blizzard, Inc. (NASDAQ:ATVI) to report earnings of $1.31 a share on revenues of $4.71 billion.
For the second quarter, the company initiated GAAP earnings forecast of 22 cents a share on revenues of $910 million and non-GAAP earnings guidance of 1 cent a share on revenues of $600 million. Street analysts predict Activision Blizzard to earn 2 cents a share on revenues of $605.83 million. The company has consistently topped earnings estimations during the last four quarters with percentage ranging from 8.2% to 166.7% above the prediction level.
1Q Results
Activision Blizzard reported earnings of 40 cents a share for the first quarter, flat with a year earlier quarter. Net revenues, on a GAAP basis, slipped to $1.11 billion from $1.32 billion. The company had, earlier, given outlook of 15 cents a share on revenues of $885 million.
On a non-GAAP basis, Activision Blizzard, Inc. (NASDAQ:ATVI) earned 19 cents a share, up from 17 cents a share, while revenue dipped to $772 million from $804 million in the previous year quarter. Previously, it had estimated earnings of 9 cents a share on revenues of $675 million.
