Why did Activision Blizzard stock jump today?

Why did Activision Blizzard stock jump today?

what happened

stocks Activision Blizzard (Nasdaq: ATVI) It rose 9.6% on Friday after the video game maker reported fourth-quarter results that beat Wall Street expectations.

So what

Activision Blizzard’s net bookings – principally, the dollar amount of products and services sold during the quarter – increased nearly 13% to $ 3.05 billion. This was well above analysts’ estimates of $ 2.79 billion in bookings.

Activision Blizzard stocks popped up on Friday. Image source: Getty Images.

The gains were driven by strong sales from Activision Blizzard’s core franchises, including Call of dutyAnd the World of WarcraftAnd and Candy Crush. Many of the company’s games are seeing high player participation during the COVID-19 crisis, as people spend more time at home.

“In a year full of adversity, our distinguished people have been determined to provide connection and joy to 400 million players around the world,” CEO Bobby Kotick said in a press release. “They accomplished this in addition to achieving record financial results for us Shareholders. “

What now

Several analysts reinforced their price targets for Activision Blizzard stocks after their excellent performance in the last quarter. Alexia Quadrani, an analyst at JPMorgan, sees game maker’s stock at $ 115 as Activision Blizzard develops its strategy of combining the franchises of the most popular PC and console with new mobile formats.

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