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UPDATE 1-Videogame maker Activision's second-quarter forecast misses, shares fall

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May 2 (Reuters) - Activision Blizzard Inc forecast second-quarter profit below estimates on Thursday, as the videogame maker invests in its core franchises to counter intense competition from games such as "Fortnite" and "Apex Legends".

The company's shares fell 4.1 percent to $47.51 in after-market trading.

Activision has labeled 2019 a "transition year", cutting 800 jobs and focusing on investing more in developing its game franchises "Call of Duty", "Candy Crush", "Overwatch", "Warcraft", "Hearthstone" and "Diablo".

The company forecast current-quarter adjusted revenue of $1.15 billion and profit of 23 cents per share, missing analysts' average estimate of $1.28 billion and 37 cents per share.

Activision had previously said it expects materially lower financial performance from its Blizzard segment this year as 2018 benefited from the release of "World of Warcraft: Battle for Azeroth", with the company also not planning a major frontline release for Blizzard in 2019.

The company will also not generate material revenue from the "Destiny" game franchise in 2019 following the sale of publishing rights to Bungie in January.

However, the company's first-quarter revenue beat estimates on Thursday, boosted by demand for its "Call of Duty: Black Ops 4" and "Sekiro: Shadows Die Twice" videogames.

Activision also reaffirmed its full-year guidance for adjusted profit of $2.10 per share and revenue of $6.30 billion. Analysts were expecting a profit of $2.18 per share and revenue of $6.41 billion.

The company, behind popular franchises such as "Skylanders", reported total adjusted revenue of $1.26 billion for the first quarter.

Analysts on average had expected revenue of $1.24 billion, according to IBES data from Refinitiv.

Activision said its Sekiro videogame, launched in March, sold-through more than 2 million copies worldwide in less than 10 days.

The company's net income fell to $447 million, or 58 cents per share, in the quarter ended March 31, from $500 million, or 65 cents per share, a year earlier.

Excluding items, the company earned 31 cents per share, beating estimates of 25 cents per share.

(Reporting by Arjun Panchadar in Bengaluru; Editing by Maju Samuel)