Activision stock falls 8% after earnings miss

Activision Blizzard Inc. ATVI, -3.53% shares dove in after-hours trading Thursday following an earnings report that missed expectations for the bottom line. The videogame publisher reported profit of $160 million, or 34 cents a share, on revenue of $1.51 billion, down from $1.62 billion a year ago. After adjustments, Activision reported earnings of 42 cents a share, up from 37 cents a share a year ago but still lower than analyst estimates. Analysts on average expected Activision to report adjusted earnings of 50 cents a share on net bookings of $1.66 billion. Activision reported net bookings — which adds in other sales — of $1.66 billion, down from $1.9 billion a year ago. After closing with a 3.5% decline at $62.79, shares were trading for less than $58 in extended trading after the report was released. The stock has already declined 24.5% so far this quarter, while the S&P 500 index SPX, -0.25% has lost 3.4%.

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