Shares of Activision Blizzard (NASDAQ: ATVI) climbed 9.6% on Friday after the video game maker delivered fourth-quarter results that met Wall Street expectations.
Activision Blizzard’s net orders – essentially the dollar volume of products and services it sold during the quarter – rose nearly 13% to $ 3.05 billion. It was well above analysts’ estimates, which had called for orders of $ 2.79 billion.
The gains were driven by strong sales of Activision Blizzard’s core franchises, including Duty calls, World of Warcraft, and Candy Crush. Many of the company’s games see increased gaming engagement during the COVID-19 crisis, as people spend more time at home.
“In a year of hardship, our extraordinary staff was determined to connect and delight our 400 million players worldwide,” CEO Bobby Kotick said in a press release. “They achieved this in addition to generating record financial results for our shareholders.”
Several analysts increased their price targets for Activision Blizzard’s shares after the good performance in the fourth quarter. JPMorgan analyst Alexia Quadrani sees the game maker’s shares hit $ 115 as Activision Blizzard further develops its strategy to marry its most popular PC and console franchises with new mobile formats.