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Activision Blizzard (ATVI) Q3 2022 earnings results beat EPS and revenue expectations

The company beat both EPS and revenue expectations, and expects the Microsoft acquisition to close in June of 2023.

Morgan Shaver

November 7, 2022 1:45 PM

Jae C. Hong, AP

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Activision Blizzard (ATVI) shared its earnings results for Q3 2022 today and included within the report are details that show the company beating EPS and revenue expectations. Expectations were set around $0.42 per share, with the EPS coming in at $0.55 per share.

Additionally, revenue narrowly beat expectations, coming in at $1.78 billion compared to expectations of $1.7 billion. The earnings report also included a quote from Activision CEO, Bobby Kotick, who remarked that the acquisition by Microsoft is expected to close in Microsoft’s current fiscal year ending in June of 2023.

The report itself also includes information about the Microsoft acquisition, noting that the company plans to acquire Activision Blizzard for $95.00 per share in an all-cash transaction. The transaction, as previously mentioned, is expected to close alongside Microsoft’s fiscal year ending June 30, 2023 and has been “approved by the boards of directors of both Activision Blizzard and Microsoft and by Activision Blizzard’s stockholders.”

Other details included in Activision Blizzard’s earnings report for Q3 2022 center around GAAP net revenues from digital channels at $1.62 billion, the aforementioned GAAP earnings per diluted share at $0.55, and an operating margin of 34 percent on a non-GAAP basis and earnings per diluted share at $0.68 compared to $0.89 per share back in Q3 2021.

Some of the success that Activision Blizzard has been enjoying is being attributed in part to strong performance of titles like Call of Duty: Modern Warfare II which has “broken records as the fastest-selling title in the history of the Call of Duty franchise.” Additionally, Overwatch 2 has “driven community engagement to new highs.”

For more on Activision Blizzard’s earnings for Q3 2022, be sure to read through the full report. Also check out some of our previous Activision Blizzard coverage including Activision Blizzard asking the NLRB to postpone the Albany QA union vote count, and the CWA filing labor complaints against Activision Blizzard over anti-union Slack messages.

Morgan Shaver

Senior Editor

Morgan is a writer from the frozen wastelands of Maine who enjoys metal music, kpop, horror, and indie games. They're also a Tetris fanatic who's fiercely competitive in games like Tetris 99... and all games in general. But mostly Tetris. You can follow Morgan on Twitter @Author_MShaver.