Activision expects higher sales forecast amid the lockdown period
On Thursday, Activision Blizzard Inc (ATVI.O) posted its annual adjusted sales forecast.
The American video game publisher stated that it would gain strong sales for its upcoming videogame in the blockbuster “Call of Duty” franchise as demand from stay-at-home gamers continues to grow.
According to NPD Group’s research, Activision gained $34 billion in videogame sales from January to September 2020.
Activision raised its full-year adjusted revenue forecast to $8.10 billion from $7.63 billion. According to Refinitv’s IBES data, analysts had expected adjusted sales worth $7.94 billion.
“Activision has been typically conservative going into the next quarter. Many stocks are seeing automatic ‘sell the news’ on earnings reports good or bad, ahead of elections. Activision caught in that too,” Elazar Advisors’ Analyst Chaim Siegel stated.
Activision’s shares fell by 8% in the afternoon trading on Thursday.