By Maria Armental 
 

Activision Blizzard Inc. reported first-quarter results on Tuesday. Here's what you need to know:

PROFIT: Net income rose to $505 million, or 65 cents a share, from $447 million, or 58 cents a share, a year earlier. On an adjusted basis, profit fell to 76 cents a share from 78 cents a share a year earlier. The company projected 55 cents a share, or 66 cents a share on an adjusted basis, while analysts surveyed by FactSet had projected 57 cents a share in profit.

REVENUE: Net revenue fell to $1.79 billion from $1.83 billion a year earlier, better than the company's $1.64 billion projection.

OUTLOOK: The company raised financial projections for the year. It now expects $2.22 a share in profit, or $2.62 a share on an adjusted basis, on $6.8 billion in revenue, compared with its earlier view of $1.85 a share, or $2.22 a share as adjusted, on $6.45 billion in revenue.

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

May 05, 2020 16:20 ET (20:20 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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