Activision Blizzard Points to ‘Enduring Nature of Franchises’ for Record Quarter

Activision Blizzard’s net revenue for its first quarter this year was up nearly 14% compared to the same period last year, with the company hitting a first-quarter record of $1.97 billion, the company reported Thursday. It also reported that first-quarter profit rose to $500 million from $426 million last year.

The news comes after Dow Jones accidentally posted the company’s earnings prematurely, setting off a tumultuous afternoon of trading until it was halted shortly after 2 p.m. ET. Dow Jones erroneously reported Activision’s revenue considerably lower than it was. Earlier concerns that the tremendous success of battle royale game “Fortnite” would somehow eat into Activision Blizzard’s profits do not seem to have been born out.

Rather, the company said that the record results show that it can still deliver strong showings despite not having any game releases in a quarter. The rise in revenue and profit illustrates, the company said, the “enduring nature of our franchises and our shift to a games-as-a-service model.”

The quarter saw higher engagement from players in games like “World of Warcraft,” “Hearthstone,” “Overwatch,” and “Call of Duty: WWII.”

“As we look ahead, our innovative core gaming pipeline, as well as initiatives like mobile, esports, and advertising, will continue to drive growth for our business,” said Bobby Kotick, chief executive officer of Activision Blizzard, in the earnings report.

Activision Blizzard plans to hold an earnings call Thursday afternoon after the close of the market.

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