Activision Blizzard Q2 Profit Declines; Lifts CY14 Guidance - Quick Facts

(RTTNews) - Activision Blizzard, Inc. (ATVI) reported that its second-quarter net income decreased to $204 million or $0.28 per share, from $324 million or $0.28 per share, last year. Adjusted earnings per share was $0.06, for the quarter.

On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $0.02 for the quarter. Analysts' estimates typically exclude special items.

Total net revenues decreased to $970 million from $1.05 billion, prior year. Non-GAAP revenue increased to $658 million from $608 million. Analysts expected revenue of $607.72 million for the quarter.

Activision Blizzard raised its full year outlook. For the calendar year 2014, the company expects GAAP net revenues of $4.24 billion, and adjusted revenues of $4.70 billion. EPS is expected to be $0.91 on GAAP basis, and $1.29 per share on non-GAAP basis. Analysts expect the company to report 2014 profit per share of $1.31 on revenue of $4.71 billion.

For the third-quarter, the company expects net revenues of $650 million, and adjusted revenue of $975 million. The company expects a third-quarter GAAP loss per share of $0.07. Non-GAAP earnings per share is expected to be $0.11. Analysts expect the company to report third-quarter earnings per share of $0.13 on revenue of $893.33 million.