Activision Blizzard Inc. (ATVI) shares gained 6.10% in after-hours on Tuesday, August 03, 2021, and closed the daily trading at $84.70 per share. Earlier in the regular trading session of Tuesday, ATVI’s stock lost 3.54%. ATVI shares have fallen 5.85% over the last 12 months, and they have moved down 5.02% in the past week. Over the past three months, the stock has lost 9.99%, while over the past six months, it has shed 15.06%.
Let’s see why did its turnaround in the after-market session on Tuesday?
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ATVI Latest financial results announcement
On August 03, 2021, Activision Blizzard, Inc. (ATVI) announced its second-quarter 2021 results.
Q2 2021 financial highlights
- ATVI reported GAAP revenue of $2.30 billion in Q2 2021 compared to $1.93 billion for the second quarter of 2020.
- The operating cash flow was $388 million in Q2 2021, as compared with $768 million for the second quarter of 2020.
- Total cost and expenses were $1.34 billion in Q2 2021 compared to $1.2 billion in Q2 2020.
- Net income was $876 million or GAAP earnings per diluted share of $1.12 in Q2 2021, compared to $580 million or earnings per diluted share of $0.75 for the second quarter of 2020.
- The company paid a cash dividend of $0.47 per common share, up 15% year-over-year, on May 6, 2021.
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ATVI president stepped down after serious allegations
On Tuesday, August 03, 2021, Activision Blizzard president and COO Daniel Alegre announced that J. Allen Brack, president of Activision Blizzard’s is leaving the company to pursue new opportunities.
He is leaving the company after Activision Blizzard was sued by the California Department of Fair Employment and Housing, which alleged the company’s “pervasive frat boy workplace culture”.
Brack was named in the lawsuit as being among company executives who were allegedly aware of the misconduct and despite repeatedly being informed of the problems, failed to take effective remedial measures in response to these complaints.
ATVI made new appointments
On August 03, 2021, Activision Blizzard, Inc. (ATVI) President and COO Daniel Alegre announced the appointment of Jen Oneal and Mike Ybarra as co-leaders of Blizzard, effective immediately. The announcement was made in a letter to shareholders of the company.
Jen is an 18-year company veteran executive Vice President of Development at Blizzard.
Mike has been in the technology and gaming industries for over 20 years, including 7 years as a senior executive at Microsoft’s XBOX division.
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Conclusion
The ATVI stock could surge more after posting strong financial figures for Q2 2021 but due to some negative developments, it did not surge as expected. The stock felt pressure due to the lawsuit filed against the company’s executive which already resulted in the resignation of J. Allen Brack.
