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Activision Blizzard Inc ATVI

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Call of Duty Drives Q1 Beat; Activision Blizzard Focus on Core Franchises Appears to Be Paying Off

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Activision Blizzard posted a strong start to 2021 with top and bottom-line non-GAAP results ahead of FactSet consensus as Call of Duty continues to drive growth. CoD: Black Ops Cold War and Warzone saw in-game bookings or microtransactions growth of over 60% year over year. World of Warcraft also delivered strong bookings growth following the November release of the Shadowlands expansion. We are maintaining our narrow moat rating and raising our fair value estimate to $97 from $92 to account for the growth of higher-margin in-game bookings.

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Company Profile

Business Description

Activision Blizzard was formed in 2008 by the merger of Activision, one of the largest console video game publishers, and Blizzard, one of largest PC video game publishers. The combined firm remains one of the world's largest video game publishers. Activision's impressive franchise portfolio includes World of Warcraft, which boasts more than $8 billion of lifetime sales, and Call of Duty, which has sold over 175 million copies across 14 titles over 12 years.

3100 Ocean Park Boulevard
Santa Monica, CA, 90405
T +1 310 255-2000
Sector Communication Services
Industry Electronic Gaming & Multimedia
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Classic Growth
Employees 9,500