Activision made Wall Street very happy when it announced last night that that its earnings for Q3 2002 were up 91 percent over last year, and projected a better fiscal 2003.
The company reported net earnings of $39.1 million (66 cents per share) compared to last year's $20.5 million (47 cents per share), and attributed the strong results to the recent console launches and the excitement they injected into the market. Revenues also climbed sharply to $371.3 million, outstripping the $264.5 million that Activision took in last year at this time. The company attributed its performance to strong showings by Tony Hawk's Pro Skater 3 for the PS2, GameCube, PlayStation and Game Boy Color; Return to Castle Wolfenstein and Star Trek: Armada II for the PC; Tony Hawk's Pro Skater 2x for the Xbox; Shaun Palmer's Pro Snowboarder for the PS2, GBA and GBC; Spider-Man 2 Enter: Electro for the PSX; and Mat Hoffman Pro BMX for the GBA. According to NPD, the Tony Hawk franchise was the single largest U.S. videogame franchise in dollars for the quarter. Ron Doornink, the President of Activision, said he believes the the game software market will grow 12-17 percent in the US and Europe during 2002.
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