Market Overview

Activision Blizzard's Q1 Earnings Leaked Ahead Of Release

Activision Blizzard's Q1 Earnings Leaked Ahead Of Release

Activision Blizzard, Inc (NASDAQ: ATVI) shares were halted around 2:15 p.m. after Dow Jones leaked incorrect earnings figures from the company’s first-quarter report a few hours before they were set to be released.

What Happened

Shares of the video game manufacturer initially spiked, but fell sharply off $70.32 highs just after the leak.

Dow Jones issued the following statement to CNBC: "We regret our error as well as inadvertently breaking the embargo. We have issued a correction and are reviewing our processes."

Activision has since released its official press release where it reported record first-quarter revenue and raised 2018 sales and EPS guidance.

Q1 adjusted EPS of 38 cents beat estimates by 3 cents, while adjusted sales of $1.384 billion beat the $1.32 billion estimate.

"Activision Blizzard had another strong quarter, growing year-over-year, setting top and bottom line records, and over-performing guidance," said CEO Bobby Kotick. "Our continued ability to set new records speaks to the quality of our teams and the breadth and enduring nature of our portfolio of franchises against the backdrop of a large and growing interactive market."

What's Next

The stock was halted at $64.87 per share, down 5.1 percent; Shares reopened at 3:30 p.m. and were trading around $69.32 at time of publication. Competitors Electronic Arts Inc. (NASDAQ: EA) and Take-Two Interactive Software, Inc (NASDAQ: TTWO) shares saw sharp gains, hitting new highs on the day after the numbers were released.

Activision Blizzard’s first-quarter earnings call is heavily anticipated as the first earnings release from a manufacturer following the release of immensely popular "Fortnite."

Related Links:

4 Reasons Why 'Fortnite' Has Won Over Gamers

How Video Game Developers Are Taking On 'Fortnite' — And Why KeyBanc Remains Bullish

Posted-In: Dow JonesEarnings News Movers Trading Ideas Best of Benzinga


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