Activision Blizzard Falls on Q1 Results

Activision Blizzard

released its fiscal first-quarter earnings after the closing bell on Wednesday. The company topped Wall Street earnings and revenue estimates, but the stock was trading lower in the after-hours on weak Q2 guidance. For the first-quarter, Activision reported net income of $456 million or $0.40 per share, compared to $384 million or $0.33 per share, in last year's corresponding period. On an adjusted basis, net income was $199 million or $0.17 per share, versus $67 million or $0.06 per share, last year. This compared to Wall Street consensus EPS estimates of $0.11. Revenue in the quarter was $1.32 billion from $1.17 billion a year ago. Adjusted revenue came in at $804 million versus $587 million last year. This came in ahead of analysts' consensus revenue expectations of $704.20 million. For the second-quarter, Activision guided for adjusted net revenue of $590 million and adjusted EPS of $0.05. This compares to current consensus of $0.05 on revenue of $605.28 million. For the full-year, the company sees adjusted revenue of $4.25 billion and adjusted EPS of $0.82. This compares to its previous guidance calling for adjusted revenue of $4.175 billion and adjusted EPS of $0.80. Currently, Wall Street analysts expect Activision to report EPS of $0.85 on revenue of $4.26 billion for the full-year.