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Activision Blizzard profit misses consensus by 20.0% in Q3

Activision Blizzard Inc. said its normalized net income for the third quarter amounted to 12 cents per share, compared with the S&P Capital IQ consensus estimate of 15 cents per share.

The per-share result swung to a profit from the prior-year loss of 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $90.6 million, compared with a loss of $26.9 million in the prior-year period.

The normalized profit margin climbed to 9.2% from negative 3.6% in the year-earlier period.

Total revenue climbed 31.5% on an annual basis to $990.0 million from $753.0 million, and total operating expenses climbed 6.6% on an annual basis to $794.0 million from $745.0 million.

Reported net income totaled $125.6 million, or 17 cents per share, compared with a loss of $21.5 million, or a loss of 3 cents per share, in the year-earlier period.