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Activision Blizzard's Q4: Best Non-GAAP Revenues Ever

Activision Blizzard today revealed their Q4 2010 financials in advance of their earnings call. Overall the company's stock has been hit hard today, down $0.19 per share during trading before close and a surprising 7% in after-hours trading, down $0.89 per share.

The reason? The company lost money again last quarter, to the sum of around $233 million. While that's down year-over-year from 2009's $286 million, the market doesn't appear to take kindly to the news, especially considering the successes of Call of Duty: Black Ops and World of Warcraft: Cataclysm. In addition to that, total revenues were down from 2009 as well -- surprising given the release of a World of Warcraft expansion.

That said, non-GAAP revenues greatly exceeded company expectations, coming in at more than $2.5 billion for Q4 2010. This is more than $350 million over what Activision Blizzard originally forecasted in early 2010. Non-GAAP net income came in at $655 million. And the company's revenues were up for the full calendar year over 2009 by nearly $200 million.

Highlights for 2010 are fairly impressive. Activision Blizzard was the #1 publisher in both North America and Europe during the calendar year, Call of Duty: Black Ops became the first game ever to earn more than $650 million in its first five days of release, and more than $1 billion to-date. Its new map pack, First Strike, set a record for sales on Xbox Live, with more than 1.4 million copies purchased by gamers.

With World of Warcraft: Cataclysm, StarCraft II and Call of Duty: Black Ops, Activision Blizzard was the #1 publisher on Xbox 360, PlayStation 3 and PC collectively during the calendar year of 2010. Finally, as of January 31, 2011 Black Ops has had a 49% increase in unique players over Call of Duty: Modern Warfare.

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