Activision Blizzard Registers 22% Revenue Decline In Q1, Ditches Outlook Due To Microsoft Deal

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  • Activision Blizzard Inc ATVI reported a first-quarter FY22 net revenue decline of 22.3% year-on-year to $1.77 billion missing the consensus of $1.80 billion. Q1 Net bookings were $1.48 billion.
  • Product sales declined 42.8% Y/Y to $386 million. In-game, subscription and other revenues decreased 13.6% Y/Y to $1.38 billion.
  • Non-GAAP EPS of $0.64 missed the consensus of $0.70. GAAP deferrals had $(0.26) impact.
  • Activision Blizzard's net bookings were $1.48 billion versus $2.07 billion for Q1 of 2021. In-game net bookings were $1.01 billion, against $1.34 billion for Q1 of 2021.
  • Activision Blizzard Monthly Active Users (MAUs) were 372 million versus 435 million a year ago.
  • Activision Blizzard's non-GAAP operating margin contracted 900 bps to 34%
  • The Call of Duty game maker generated $642 million in operating cash flow and held $11.1 billion in cash and equivalents.
  • Dividend: The board declared a cash dividend of $0.47 per common share.
  • Microsoft Corp MSFT looks to acquire Activision Blizzard for $95.00 per share in an all-cash transaction. Therefore, Activision Blizzard will not be hosting a conference call, issuing an earnings presentation, or providing financial guidance.
  • Price Action: ATVI shares traded lower by 0.27% at $78.40 in the premarket on the last check Monday.
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Posted In: EarningsNewsDividendsTechBriefsCall of Duty
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