Sat. Jan 22nd, 2022

Activision Blizzard (ATVI) reported its earnings for the third quarter of 2021 after the closing bell on Tuesday, meeting analysts’ expectations on the top line and hitting the bottom line. Here are the key figures from the report compared to what the street was looking for.

While Activision Blizzard experienced a solid Q3, its Q4 outlook fell short of analysts’ expectations, with the company seeking revenue of $ 2.78 billion in the quarter. Wall Street was looking for $ 2.95 billion. The expected earnings per. share was also lower than analysts’ expectations, with the street demanding $ 1.39 per share. stock for the 4th quarter, and Activision Blizzard points to $ 1.29.

Activision Blizzard is the largest video game company in the United States and has found incredible success through their “Call of Duty”, “World of Warcraft” and “CandyCrush” franchises. The company is ready to launch its latest Call of Duty title, “Call of Duty Vanguard” on November 5th.

“I am pleased to report strong third-quarter results ahead of our past outlook,” Activision Blizzard CEO Bobby Kotick said in a statement.

“We are excited about this week’s Call of Duty launch and expect continued success in the fourth quarter. I would like to thank our employees for their continued commitment to each other, the company and our players. We look forward to sharing progress updates on our workplace initiatives with our business results. “

Activision Blizzard has dealt with the fallout from a scandal of sexual harassment. The California Department of Fair Employment and Housing filed a lawsuit against Activision Blizzard in July, alleging that the company promoted a “frat boy” culture that included sexual harassment and gender and racial discrimination. In September, the Equal Employment Opportunity Commission filed its own lawsuit against the company over the allegations. Activision Blizzard is currently seeking an $ 18 million settlement in this complaint.

Separately, the Securities and Exchange Commission is investigating whether Activision Blizzard correctly disclosed allegations of harassment in the workplace and pay gaps between men and women employees.

The company has since said that 20 people have left the company as a result of its investigations, that it has implemented a zero-tolerance harassment policy, concluded forced arbitration for future claims of sexual harassment and discrimination. Activision Blizzard also said it is working to increase the percentage of women and non-binary people in its workforce by 50% over the next five years.

Kotick, formerly one of the country’s highest paid executives, has also taken a pay cut and lowered its total compensation to $ 62,500 until the board is satisfied with the company’s efforts. He was previously expected to earn $ 155 million through a mix of base salary and stock.

Clarification: Kotick was previously set to earn $ 155 million through a combination of stock and base salary.

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