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Activision Blizzard Fourth Quarter Revenue $2.163 Billion Net Profit Up 11% YoY

via:新浪科技     time:2022/2/4 8:04:36     readed:148

Sina Technology News In the early morning of February 4, Beijing time, Activision Blizzard today announced the company's fiscal fourth quarter and full year financial results for fiscal 2021. Activision Blizzard's fourth-quarter net revenue was $2,163 million, higher than the company's previous forecast of $2,020 million, but lower than $2,413 million in the year-ago quarter; net predetermined revenue was $2.49 billion, compared to $3.05 billion in the year-ago quarter; and net income was $564 million, up 11 percent from $508 million in the year-ago quarter.

Activision Blizzard's fourth-quarter net scheduled revenue and adjusted earnings per share did not meet Wall Street analysts' expectations, resulting in a slight decline in its after-hours stock price.

  Fourth Quarter Key Results:

For the fiscal quarter ended Dec. 31, Activision Blizzard reported a net profit of $564 million and diluted earnings per share of $0.72, down from the year-ago quarter. For the fourth quarter of fiscal 2020, Activision Blizzard reported a net profit of $508 million and diluted earnings per share of $0.65. Activision Blizzard had expected earnings per share to reach $0.54 in the fourth quarter.

Excluding certain one-time items (not in accordance with U.S. GAAP), Activision Blizzard's adjusted earnings per share for the fourth quarter were $1.01, higher than the company's previous expectations of $0.62 and $0.76 in the year-ago quarter, but less than analysts expected. According to data provided by Yahoo Finance, the average of 25 analysts had expected Activision Blizzard to earn $1.31 per share in the fourth quarter.

Activision Blizzard's fourth-quarter net revenue was $2,163 million, up from the company's previous forecast of $2.020 billion but lower than $2,413 million in the year-ago quarter. By business segment, Activision Blizzard's fourth-quarter net revenue from product sales was $645 million, compared to $866 million in the year-ago quarter, and revenue from subscriptions, licensing and other businesses was $1,518 million, compared to $1,547 million in the year-ago quarter. During the quarter, Activision Blizzard's net revenue from digital channels was $1.78 billion.

Activision Blizzard's fourth-quarter net bookings (net bookings excluding the impact of deferred revenue) were $2.49 billion, compared to $3.05 billion in the year-ago quarter, which was less than analysts expected. According to data provided by Yahoo Finance, the average of 23 analysts had expected Activision Blizzard's fourth-quarter net scheduled revenue to reach $2.82 billion. During the quarter, Activision Blizzard's net pre-order revenue from in-game channels was $1.24 billion, compared to $1.32 billion in the year-ago quarter.

Activision Blizzard's fourth-quarter operating profit was $682 million, compared to an operating profit of $594 million in the year-ago quarter. Activision Blizzard's operating cash flow for the fourth quarter was $661 million, compared to $1,140 million in the year-ago quarter, down 42 percent year-over-year.

Activision Blizzard's total costs and expenses for the fourth quarter were $1,48.1 billion, compared to $1,819 million in the same period last year. Among them, in terms of cost of revenue from product sales, product costs were $274 million, compared to $349 million in the year-ago quarter, and software royalties, amortization and intellectual property licensing costs were $73 million, compared to $117 million in the year-ago quarter. In terms of in-game, subscription, and other costs of revenue, game operating and distribution costs were $290 million, compared to $313 million in the year-ago quarter, and software royalties, amortization, and intellectual property licensing costs were $20 million, compared to $39 million in the year-ago quarter.

In terms of expenses, Activision Blizzard spent $321 million on product development for the fourth quarter, compared to $350 million in the year-ago quarter, sales and marketing expenses of $299 million compared to $341 million in the year-ago quarter, general and administrative expenses of $17.4 billion, compared to $255 million in the year-ago quarter, and restructuring and related expenses of $30 million, compared to $55 million in the year-ago quarter.

Activision Blizzard's overall monthly active users in the fourth quarter were 371 million.

 Key Results for Fiscal Year 2021:

For the entire fiscal year 2021, Activision Blizzard's net revenue was $8.803 billion, compared to $8.086 billion in fiscal year 2020. Activision Blizzard's net scheduled revenue for fiscal 2021 was $8.35 billion, compared to $8.42 billion in fiscal 2020, which fell short of analysts' expectations. According to data provided by Yahoo Finance, the average 30 analysts had expected Activision Blizzard's net scheduled revenue to reach $8.7 billion in fiscal 2021.

Activision Blizzard's fiscal 2021 net income was $2.699 billion, compared to $2.197 billion in fiscal year 2020; diluted earnings per share were $3.44 compared to $2.82 in fiscal 2020; and Activision Blizzard's adjusted earnings per share for fiscal 2021, excluding certain one-time items (not in accordance with U.S. GAAP), were $4.08 per share, up from $3.21 in fiscal 2020, exceeding analyst expectations. According to data provided by Yahoo Finance, the average of 28 analysts had expected Activision Blizzard to adjust earnings per share in fiscal 2021 to reach $3.78.

Activision Blizzard's operating cash flow for fiscal 2021 was $2.41 billion, compared to $2.25 billion in fiscal 2020.

 Microsoft acquisition transaction:

Microsoft announced on January 18, 2022, that it plans to acquire Activision Blizzard for $95.00 per share for an all-cash price of $68.7 billion, including activision Blizzard's net cash. The transaction is subject to customary closing conditions, as well as regulatory review and approval by Activision Blizzard shareholders. The deal, which has been approved by Activision Blizzard and Microsoft's board of directors, is expected to close in Microsoft's fiscal year ending June 30, 2023.

  Stock price changes:

On the day, Activision Blizzard shares fell $0.30, or 0.38%, to close at $78.95 in regular trading on the NASDAQ. In subsequent after-hours trading as of 6:41 p.m. Eastern Time on Thursday (6:41 a.m. Beijing time on Friday), Activision Blizzard shares fell another $0.20 to $78.75, or 0.25 percent. Over the past 52 weeks, Activision Blizzard has peaked at $104.53 and started at $56.40. (Tang Feng)

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