Activision Blizzard quarterly profit beats estimates

Nov 8 (Reuters) - Videogame publisher Activision Blizzard Inc on Thursday reported a third-quarter profit that edged past analysts’ estimates on sales of “World of Warcraft: Battle for Azeroth” and “Destiny 2: Forsaken” titles.

However, the company forecast fourth-quarter adjusted revenue of $3.05 billion, missing analysts’ average estimate of $3.06 billion, according to IBES data from Refinitiv.

The company’s net income rose to $260 million, or 34 cents per share, in the third quarter ended Sept. 30, from $188 million, or 25 cents per share, a year earlier.

On an adjusted basis, the company earned 52 cents per share. Total adjusted revenue fell nearly 13 percent to $1.66 billion.

Analysts on average had expected revenue of $1.66 billion and profit of 50 cents per share.

The company released “Call of Duty: Black Ops 4”, the latest version of its blockbuster franchise on Oct. 12 and earned more than $500 million in the first three days of release.

However, these initial sales figures disappointed investors who had higher expectations. (Reporting by Arjun Panchadar in Bengaluru; Editing by Shounak Dasgupta)