Activision Shares Tumble After Outlook Disappoints
Activision Blizzardshares tumbled in late trading Wednesday after its outlook for the full year fell far short of estimates.
The videogame publisher reported fourth-quarter earnings of 53 cents a share, excluding one-time items. Activision Blizzard earned 49 cents a share a year earlier.
Sales for the most recent quarter were $2.5 billion, in line with last year's revenue.
The company was seen earning 51 cents a share on revenue of $2.37 billion, according to a consensus estimate from Thomson Reuters.
Activision Blizzard said it expects 2011 full-year revenue of $3.9 billion and earnings of 70 cents a share, excluding one-time items. Wall Street analyst expected 2011 revenue of $4.69 billion and earnings of 83 cents a share, excluding one-time shares.
Shares of Activision Blizzard declined more than 6 percent in extended trading Wednesday. Get after-hour quotes for Activision Blizzard here.
The stock closed at $11.68 in the regular Nasdaq session. Volume exceeded 14.2 million shares before the closing bell.