Activision posts earnings beat while stock halted due to leak

Activision Blizzard Inc. shares fell 5% after its earnings results were inadvertently released early, and the stock was halted as the first-quarter numbers were officially released during the regular session. Activision stock resumed trading at 3:30 p.m. Eastern time and shares rebounded. The company reported first-quarter net income of $500 million, or 65 cents a share, compared with $426 million, or 56 cents a share, in the year-ago period. Adjusted earnings were 38 cents a share. Net bookings rose to $1.38 billion from $1.2 billion in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 34 cents a share on net bookings of $1.34 billion. Total GAAP net revenue rose to $1.97 billion from $1.73 billion in the year-earlier period. The company said it expects second quarter adjusted earnings of 31 cents a share on net bookings of $1.35 billion. Activision stock has gained 2.5% this year, with the S&P 500 index falling 1.4%.