Activision Blizzard (ATVI) Q4 2022 earnings results beat expectations

Activision Blizzard (ATVI) has shared its earnings results for Q4 2022 and included in the report are details on how the company beat expectations. Previously, expectations put EPS at $1.51 with revenue expectations at $3.2 billion. In the report, fourth quarter net bookings came in at $3.57 billion with adjusted EPS at $1.87. With this, Activision Blizzard beat on revenue by around $300 million. Additionally, it's pointed out in the report that the company ended 2022 with record quarterly net bookings.

"We ended 2022 with record quarterly net bookings as we delivered on our mission to bring epic joy to players. I’m grateful to our talented and hardworking teams for their many successes entertaining our hundreds of millions of players around the world. We look forward to a historic year, as we work toward merging with Microsoft. This merger will enable us to better serve our players, create greater opportunities for our employees, and allow us to succeed in an increasingly competitive global gaming industry,” said Activision Blizzard CEO, Bobby Kotick.

Activision Blizzard delivered 43% year-over-year net bookings growth and record segment financial results in the fourth quarter. Net bookings grew 49% year-over-year on a constant currency basis. Amid an uncertain macro environment, our focus on expanding key intellectual properties across platforms, geographies and business models positions the business for further growth. Strong execution by our talented teams enabled each of our business units to break records in the fourth quarter.

At Activision, Call of Duty: Modern Warfare II delivered the highest opening-quarter sell-through in franchise history. Blizzard reported its highest quarterly net bookings to date, driven by strong growth for Warcraft and the reinvigoration of Overwatch and Diablo. At King, Candy Crush once again delivered a record performance. Activision Blizzard net bookings on the mobile platform grew mid-teens year-over-year while overall in-game net bookings grew 46% year-over-year.