Activision Blizzard on Monday reported first-quarter revenue of $1.8 billion, in line with Wall Street expectations, though lower than first-quarter earnings of $2.3 billion in 2021.
Video Game Publishing reported $1.5 billion in net bookings for the quarter ended March 31, 2022, up from $2.1 billion in the same quarter of 2021. Net in-game bookings totaled $1.1 billion , down from $1.34 billion a year ago.
Earnings per share were $0.50, down from $0.79 in the first quarter of 2021.
The company attributed its poor performance to low reserves. ძ Collection of duty And the product cycle time at Blizzard. Blizzard is currently working on its expansion warcraft Offers and plans for launch on June 2 Immortal devil.
Activision Blizzard also faced higher legal and professional fees due to its long-awaited merger with Microsoft. The press release states that the company hired “several hundred people” in the first quarter, which increased costs.
The video game company also named him. $18 million It arrived at the US Equal Employment Opportunity Commission in March. The suit was one of many allegations of sexual harassment at the company, which is also In the middle Insider trading investigation.
Additional costs may also be on the horizon Activision Blizzard repeats itself Plans to transfer all temporary and part-time QA employees to full-time employment beginning July 1. This change, brought about by a union quality assurance effort, will lead to an increase in workers’ minimum hourly wage to at least $20 an hour.
Activision Blizzard did not disclose its earnings expectations for the current second quarter, but said it expects “renewed expansion” in the fourth quarter and beyond. It has no plans to issue guidelines due to the expected merger with Microsoft. Microsoft will announce its third-quarter results on Tuesday.
On January 18, Microsoft announced plans to acquire Activision Blizzard for $95, or $68.7 billion. The deal is expected to close in Microsoft’s fiscal year ending June 30, 2023, pending approval from regulators and shareholders.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
