5 Stocks Making Notable Moves on Earnings Reports

2. Activision Blizzard, Inc. (NASDAQ:ATVI)

Number of Hedge Fund Holders: 78

Activision Blizzard, Inc. (NASDAQ:ATVI) beat profit and sales expectations for the third quarter but issued a weak outlook for the fourth quarter. The disappointing guidance sent its shares down more than 14 percent in the pre-market trading session on Wednesday, 3 November 2021.

The video game holding company reported adjusted earnings of 89 cents per share, marginally higher than 88 cents per share in the year-ago quarter. Analysts were looking for earnings of 70 cents per share.

Revenue for the quarter came in at $2.07 billion, compared to $1.95 billion in the same period last year, and above the consensus forecast of $1.87 billion. In addition, total booking in the quarter increased to $1.88 billion, surpassing expectations of 1.87 billion.

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Looking forward, Activision Blizzard, Inc. (NASDAQ:ATVI) expects adjusted revenue of $2.78 billion for the fourth quarter. However, the guidance fell short of analysts’ average estimate of $2.93 billion.