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Activision Blizzard Inc ATVI

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Activision Q3 Benefits From Stay at Home; Warzone and CoD Mobile Continuing to Drive Engagement

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Activision Blizzard reported a strong third quarter with top and bottom-line non-GAAP results beating FactSet consensus as the firm continued to benefit from gamers staying at home. As a result, player engagement and time spent in the firm’s games rose across the board versus last year. Call of Duty continues to benefit from expanding into battle royale (Warzone) and mobile with monthly active users up three times versus a year ago and hours played up seven times. We maintain our narrow moat and our $73 fair value estimate.

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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 Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 9,200