Activision Blizzard (ATVI) crushed it.

After accounting for revenue deferrals that were factored into analyst estimates, Activision reported Q4 revenue of $2.64 billion (+8% year over year) versus estimates of $2.55 billion, and adjusted earnings per share of $0.94 versus estimates of $0.93.

Here are some of the top takeaways from Activision Blizzard's earnings report.

  1. Q4 is of course Activision's seasonally biggest quarter, and it looks like the company saw brisk sales for Call of Duty: WWII and Destiny 2. Activision notes that WWII was the top-grossing console game globally in 2017, and Destiny 2 the second-highest grossing console game in North America.
  2. Guidance wasn't spectacular, but Activision tends to guide conservatively. After accounting for revenue deferrals, the company expects Q1 revenue of $1.28 billion and adjusted EPS of $0.13 to $0.31 vs. consensus estimates of $1.42 billion and $0.43. For 2018, it expects revenue of $7.45 billion (implies 4% growth) and adjusted EPS of $1.83 to $2.50, vs. consensus estimates of $7.4 billion and $2.57.
  3. Full-year bookings rose 8% to $7.16 billion. For now, Activision is guiding for 2018 bookings of $7.45 billion.
  4. It looks like the Overwatch League, which launched on Jan. 10, is off to a decent start: Activision reports seeing over 10 million unique viewers during the league's first week, with an average per-minute audience of 280,000. But some details on subsequent viewing would be nice.
  5. With the help of Destiny 2's arrival on PCs, 29% of Q4 revenue involved PC games. Separately, 78% of 2017 revenue involved "digital online channels" such as game downloads, subscriptions and in-game purchases.

Activision Blizzard is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells ATVI? Learn more now.

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