Activision Blizzard Bookings Beat Estimates on Call of Duty
Activision Blizzard Inc. reported bookings that beat analysts' estimates on the strength of a new Call of Duty release as well as several other big titles.
The video game publisher, which is in the process of being purchased by Microsoft Corp. for $69 billion, reported net bookings rose 43% to $3.57 billion in the fourth quarter. Analysts had estimated $3.08 billion, according to data compiled by Bloomberg. It was the biggest jump in bookings in nine quarters and signals a rebound for the gaming industry after a sluggish 2022. Adjusted earnings per share were $1.87 in the three months ended Dec. 31, compared with estimates of $1.52.
In October, Activision released Call of Duty: Modern Warfare II, the latest entry in the lucrative shooter series. It sold $1 billion in 10 days and was the best-selling video game of 2022, according to industry researcher NPD Group. In the same quarter, Activision subsidiary Blizzard Entertainment also released Overwatch 2, a free-to-play sequel to the popular multiplayer game, and Dragonflight, a new expansion to the long running online game World of Warcraft. Activision said that Dragonflight did not sell as well as the previous expansion, 2020's Shadowlands.
The video game industry is poised to rebound this year with pent-up demand for games after many anticipated titles were delayed in 2022. Overall spending on video game content declined 4.3% in 2022 to $184.4 billion, according to estimates from gaming analytics firm NewZoo.
This year in lieu of a brand new Call of Duty game, Activision will release a continuation of Modern Warfare II, developed by Sledgehammer Games, Bloomberg has reported. Santa Monica, California-based Activision will also release Diablo 4, the latest entry in
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