Activision Blizzard shares tank on weak guidance
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Activision Blizzard (ATVI) reported Q3 financial results on Thursday after market close, and shares tanked after the company lowered guidance.
Shares of Activision Blizzard fell more than 14% as of 10:37 a.m. ET on Friday and are on pace for their worst day in nearly 10 years.
The video game giant earned 52 cents per share, which was better than expected analysts’ expectations of 49 cents per share. Revenue was in line with expectations at $1.66 billion, according to analysts polled by Bloomberg.
Activision expects earnings of 43 cents per share on $2.2 billion in revenue for Q4.
Activision’s monthly active user numbers have been in focus for both investors and analysts. The company had 345 million monthly active users in Q3.
“Activision Blizzard’s results for Q3 exceeded our prior outlook as we continue to entertain large audiences, drive deep engagement, and attract significant audience investment across our franchises,” CEO Bobby Kotick said in a statement.
Heidi Chung is a reporter for Yahoo Finance. Follow her on Twitter: @heidi_chung.
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