Shares of Activision Blizzard (ATVI - Get Report)  fell in after-hours trading Thursday after the video game maker reported disappointing guidance, but better-than-expected revenue and earnings. 

The stock lost 4.06% to $47.54, after having risen 2.04% in regular hours. 

Earnings per share came in at 58 cents on a GAAP basis, beating Wall Street estimates of 44 cents. The EPS result was a 10.7% decline year-over-year. Sales were $1.83 billion, beating analysts expectations of $1.22 billion. The sales result represented a decline of 7% year over year.

"We started the year with strong operating discipline and exceeded our prior outlook for the first quarter," said Activision Blizzard CEO Bobby Kotick. "We are increasing investment in our biggest franchises to better deliver against our growth potential, and I am pleased with our progress."

Management guided for full year 2019 GAAP EPS of $1.18, below analysts expectations of $1.32. The company expects revenue to be $6.025 billion for 2019, below Wall Street forecasts of $6.43 billion. 

The stock is up 1.5% year-to-date.