Shares of Activision Blizzard (NASDAQ:ATVI) climbed 9.6% on Friday after the online game maker delivered fourth-quarter outcomes that bested Wall Avenue’s expectations.
Activision Blizzard’s internet bookings — basically, the greenback quantity of services and products it bought in the course of the quarter — rose almost 13% to $3.05 billion. That was effectively above analysts’ estimates, which had known as for bookings of $2.79 billion.
The positive factors have been fueled by robust gross sales of Activision Blizzard’s core franchises, together with Name of Obligation, World of Warcraft, and Sweet Crush. Lots of the firm’s video games are seeing heightened participant engagement in the course of the COVID-19 disaster, as individuals spend extra time at house.
“In a 12 months full of adversity, our extraordinary staff have been decided to supply connection and pleasure to our 400 million gamers world wide,” mentioned CEO Bobby Kotick in a press launch. “They achieved this in addition to producing report monetary outcomes for our shareholders.”
A number of analysts boosted their worth targets for Activision Blizzard’s inventory following its glorious fourth-quarter efficiency. JPMorgan analyst Alexia Quadrani sees the sport maker’s shares hitting $115 as Activision Blizzard advances its technique of marrying its hottest PC and console franchises with new cellular codecs.