Activision Blizzard, Inc. (NASDAQ:ATVI) reported stronger-than-expected earnings for its first quarter.
The company, out of Santa Monica, Calif. revealed Tuesday net revenues presented in accordance with GAAP were $1.79 billion, as compared with $1.83 billion for the first quarter of 2019. GAAP net revenues from digital channels were $1.44 billion, as compared with $1.39 billion for the first quarter of 2019. GAAP operating margin was 34%. GAAP earnings per diluted share were $0.65, as compared with $0.58 for the first quarter of 2019.
For the quarter ended March 31, 2020, on a non-GAAP basis, Activision Blizzard’s operating margin was 40% and earnings per diluted share were $0.76, as compared with $0.78 for the first quarter of 2019.
For the quarter ended March 31, 2020, operating cash flow was $148 million. For the trailing 12-month period, operating cash flow was $1.53 billion.
CEO Bobby Kotick said "We delivered strong financial results for the first quarter, and are raising our full year outlook. I have been awestruck by the strength of our employees and their families during this difficult time.
"Whether managing healthcare or childcare, performing public service or community service, our teams around the world have shown ingenuity and resilience. In the face of so many difficulties, our employees have made certain that the joy, the engagement, and the benefits of gaming remain an effective way to help keep our 400 million players around the world connected and safe."
ATVI shares vaulted $3.42, or 5%, to $71.95
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