Breaking: Activision Beats Financial Forecast, Will Not Need Mass Layoffs

Publisher Activision Blizzard exceeded expectations in its fourth quarter, posting a loss of $72 million in the three months ending December 31 and saving the company from a painful restructuring.

According to Activision CEO Bobby Kotick, the company saw a 20% increase in revenue over 2008 to a total of $5.0 billion. Activision also claimed the top-selling game on every platform for the overall year.

"We won't be distracted by layoffs and restructuring and things that other companies are going to be distracted with," said Activision CEO Bobby Kotick to Reuters.

Activision is planning an ambitious year of releases, with "more products than ever before" set to arrive in 2009. Three of those new games will be new properties.

Kotick added that the company's focus on proven franchises gave it an "unparalleled competitive advantage," but that Activision is still executing a "measured, rigorous" approach to new IP.