Activision forecasts profit below estimates as competition heats up

(Reuters) – Activision Blizzard Inc ATVI.O forecast holiday-quarter and full-year profit below Wall Street estimates on Thursday, as competition rose among big-budget videogame makers looking to tap a booming demand from stay-at-home gamers.

FILE PHOTO: The Activision booth is shown at the E3 2017 Electronic Entertainment Expo in Los Angeles, California, U.S. June 13, 2017. REUTERS/ Mike Blake/File Photo

Shares of the company, which have risen 30% this year, fell 8% after the bell.

Activision forecast adjusted earnings of 63 cents per share for the fourth-quarter, compared with analysts’ estimate of $1.08. The company raised its full-year earnings forecast to $3.08 per share from $2.87, which came below estimates of $3.30.

The company also raised its annual adjusted sales forecast, betting on strong sales for its upcoming videogame in the blockbuster “Call of Duty” franchise.

“Call of Duty: Black Ops Cold War” is set to release on Nov. 13, following

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