ATVI - Activision shares climb 5% as CEO speaks out on Microsoft deal

Activision Blizzard ( NASDAQ: ATVI ) shares rose more than 5% Tuesday on upbeat reaction to the videogame publisher's fourth-quarter results amid ongoing activity with the process of it being acquired by Microsoft ( MSFT ).

Late Monday, Activision ( ATVI ) reported results highlighted by bookings of $3.57B, compared to $2.49B in bookings the company reported in the fourth-quarter of 2021. Those bookings also surpassed the $3.08B expected by Wall Street analysts.

Jefferies analyst Andrew Uerkwitz said that Activision's ( ATVI ) results show the company's "turnaround is nearly complete", as it has turned around from delays in game releases and competitive threats that had plagued its operations and dragged on earnings.

Uerkwitz said said Activision ( ATVI ) is showing more strength despite the "overhang" from the ongoing drama involving Microsoft's ( MSFT ) proposed $69B acquisition. According to Uerkwitz, the upcoming season of Call of Duty Battle Pass , a beta version of Diablo IV , should create more positive momentum for Activision ( ATVI ) over the next few months.

On Monday, reports surfaced saying that the UK's antitrust regulator might oppose Microsoft's acquisition efforts. Activision ( ATVI ) Chief Executive Bobby Kotick responded to those reports by saying that the UK will turn into "Death Valley" if the nation's antitrust regulators attempt to block the Microsoft deal .

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