Activision off Post Earnings; Kaufman Downgrades

Activision Blizzard (ATVID) shares are trading lower following the company’s fairly complex June quarter report and 2008 outlook. Complicating the picture is the logistics of the merger of Activision and Blizzard. The company posted stand-alone results for Activision for the quarter, but gave guidance for the combined companies. Meanwhile, the company indicated there would be some GAAP price to pay as it changes its revenue recognition policy for games with a significant online component; it will recognize both revenue and costs for some games over a six-month period rather than upfront. And it also said that it now thinks its calendar 2008 results will exceeds its previous guidance for calendar 2009.

What to make of all of that? Pacific Crest’s Evan Wilson wrote that it was a “confusing but positive” outlook.

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