biz.yahoo.com
Monday October 23, 4:58 pm Eastern Time
Activision Q2 bests analyst estimates
(UPDATE: adds CEO quotes, details)
SANTA MONICA, Calif., Oct 23 (Reuters) - Independent video game developer Activision Inc. (NasdaqNM:ATVI - news) on Monday upped its projections for full-year earnings and reported second quarter earnings that bested analyst expectations.
Co-chair and Chief Executive Robert Kotick said in a release the company raised its full-year earnings per share estimates to 63 cents, up 7 cents a share. He cited the company's strong performance in the first half of the year.
``Our competitive position domestically and internationally remains stronger than ever,'' Kotick said in a statement. ``With U.S. debut of the PlayStation2 just three days away and the upcoming holiday season, we are optimistic about our continued market momentum.''
The Santa Monica, Calif.-based firm reported net income for the quarter of $4.3 million, or 17 cents per diluted share, compared with year-ago net income of $1.06 million or 4 cents a share.
The company exceeded average analyst forecasts for the quarter's earnings of 9 cents per share, as compiled by First Call/Thomson Financial.
Revenues rose to $144.4 million from $115.4 million in the second quarter a year ago.
Kotick has said that the company is not daunted by a scaled back launch of PlayStation2, the awaited savvier, DVD-capable successor to the popular Sony console. Game sales for other consoles are projected to be robust, he has said.
Shares of Activision rose 8/16 or 3.5 percent in Nasdaq trade to $14-15/16 at the close, before its earnings release. |
