NEW YORK (TheStreet) -- Activision Blizzard (ATVI) shares are up 2.16% to $20.38 in early market trading on Wednesday, continuing to gain following the release of the video game maker's third quarter earnings results after the closing bell on Tuesday.
The company reported a net loss of $23 million, or a loss of 3 cents per diluted share. On an adjusted basis however the company reported earnings of 23 cents per diluted share, 10 cents better than analysts were expecting for the period.
The company generated revenue adjusted for one time charges of $1.17 billion during the quarter, ahead of analysts $1.01 billion estimates for the period.
For the year, the company forecast earnings of $1.35 on revenue of $4.33 billion, ahead of analysts earnings expectations of $1.33 per diluted share.
TheStreet Ratings team rates ACTIVISION BLIZZARD INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ACTIVISION BLIZZARD INC (ATVI) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, solid stock price performance, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."