Will Activision Blizzard beat Q4 Street estimates?
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Activision Blizzard (NASDAQ:ATVI) is scheduled to announce Q4 earnings results on Thursday, Feb. 3, after market close.
The consensus EPS estimate is $1.32 (+9.1% Y/Y) and the consensus revenue estimate is $2.83B (-7.2% Y/Y).
When ATVI reported its Q3 earnings, it had forecast Q4 non-GAAP EPS of $0.62 and net revenues of $2.02B. ATVI also guided to the low side for holiday-quarter bookings. It forecast net bookings of $8.65B for 2021 and $2.78B for Q4. For 2021, ATVI said it expects non-GAAP EPS of $3.70 and net revenues of $8.66B.
ATVI shares rose after reporting Q3 earnings, before edging sharply lower aftermarket as the firm confirmed delays in Overwatch 2 and Diablo IV during its post-earnings call.
Last month, Microsoft (NASDAQ:MSFT)
announced a $68.7B deal to buy ATVI, its largest-ever acquisition. The deal is expected to make MSFT the 3rd largest gaming firm by revenue.
However, the acquisition will likely face roadblocks ahead, with the FTC expected to take the lead on reviewing the deal, as per a Bloomberg report. 
Any commentary on season 2 content across Call of Duty titles - ATVI's best-selling video game franchise - will be of interest as the launch was delayed over gameplay issues.
On average, analysts have rated ATVI at Buy. Of the 27 analysts tracked by SA over the past 90 days, 9 rated the stock a Strong Buy, 3 Buy and 15 Hold.
SA contributor Asif Suria last month wrote "Activision Blizzard Trades At A Big Discount To Microsoft's Acquisition Price", rating the stock Hold. He noted that the deal would strengthen MSFT's gaming presence and enter the metaverse with strong franchises.
Over the last 2 years, ATVI has beaten EPS estimates 100% of the time and has beaten revenue estimates 100% of the time.
Over the last 3 months, EPS estimates have seen 3 upward revisions and 20 downward. Revenue estimates have seen 2 upward revisions and 16 downward.
ATVI stock has underperformed the S&P 500 IT index and has fallen 14% over the past 1 year.