Earnings: Activision Blizzard’s (ATVI) Q1 profit climbs on 35% revenue growth

Activision Blizzard, Inc. (NASDAQ: ATVI) reported a sharp increase in earnings and revenues for the first quarter of 2023.

Net revenues of the video game publisher jumped 35% from last year to $2.38 billion in the first three months of 2023. At $1.86 billion, total bookings were up 25% during the three-month period.

Reflecting the strong revenue growth, net income surged to $740 million or $0.93 per share in the March quarter from $395 million or $0.50 per share in the same period of last year. Adjusted profit rose 70% to $1.09 per share.

“We remain confident that our deal with Microsoft benefits competition, consumers, and job creation in markets around the world, especially in the UK. The CMA’s report today does not reflect these realities, and we will work aggressively with Microsoft to reverse it on appeal,” said Activision’s CEO Bobby Kotick.

Prior Performance