Activision Blizzard, one of the largest video game publishers in the world, announced record profits in its Q3 financial report. The company’s revenue was $1.95 billion, up from $1.66 billion in the same quarter last year, and its net income was $604 million, up from $173 million in Q3 2019. The success was largely due to the Call of Duty franchise’s popularity, the World of Warcraft subscription numbers, and other franchises such as Candy Crush and Overwatch. Activision Blizzard CEO Bobby Kotick expressed optimism for the company’s future, stating that they are well-positioned to continue delivering strong results.
Activision Blizzard reports record profits in Q3 financial report
Overview
Activision Blizzard, one of the world’s largest video game publishers, announced its third-quarter financial results on Tuesday, revealing record profits that exceeded Wall Street’s expectations.
Financial Highlights
- Activision Blizzard’s revenue for Q3 was $1.95 billion, up from $1.66 billion in the same quarter last year.
- The company’s net income for the quarter was $604 million, up from $173 million in Q3 2019.
- Activision Blizzard’s earnings per share (EPS) were $0.78, significantly higher than analysts’ predictions of $0.68.
Key Factors Contributing to Success
- Activision Blizzard’s Call of Duty franchise continued to be a major driver of revenue, with the launch of the free-to-play Call of Duty: Warzone earlier this year contributing to the game’s popularity and success.
- The company’s World of Warcraft subscription numbers increased from Q2, with the highly anticipated Shadowlands expansion set to launch on November 23.
- Activision Blizzard’s other franchises, including Candy Crush and Overwatch, also contributed to the company’s financial success in Q3.
Future Outlook
Activision Blizzard CEO Bobby Kotick expressed optimism for the company’s future in a press release accompanying the financial results. “As we continue to work from home, our top priority remains ensuring that our employees are safe, productive, and connected,” Kotick said. “With the expansion of our franchises to mobile platforms, the introduction of new free-to-play games, and continued momentum in esports, we are well-positioned to continue delivering strong results for our shareholders.”
Conclusion
Activision Blizzard’s record profits in Q3 demonstrate the company’s ability to adapt to a changing gaming landscape and capitalize on popular franchises. As the gaming industry continues to grow, Activision Blizzard is well-positioned to maintain its position as a leader in the market.