Activision fourth-quarter profit, sales jump
Posted on Tue, May. 07, 2002
siliconvalley.com
LOS ANGELES (Reuters) - Video game publisher Activision Inc. reported a more than tenfold increase in fiscal fourth-quarter profits Tuesday as the introduction of new game machines sparked demand for games, pushing revenues and margins higher.
The Santa Monica, California-based company also raised its guidance for fiscal 2003 and offered a $1 billion revenue target for 2004, buoyed in part by expectations that its ''Spider-Man'' games, already a hit in their first few weeks, will remain popular.
Activision shares jumped in after-hours trade on the news, rising about 5 percent to $32.05 on Instinet after closing at $30.65 on Nasdaq. For the year, the shares are up 18 percent, second best among the major publicly traded game publishers.
The company reported a net profit of $10.9 million, or 17 cents per share, compared with a year-earlier profit of $875,000 or 2 cents per share. |
