Activision Issues Guidance; Announces $1 Bln Stock Repurchase, Lifts Dividend

(RTTNews) - Activision Blizzard, Inc. (ATVI) announced, for 2017 on a non-GAAP basis, the company expects: net revenue of $6.00 billion; and earnings per share of $1.70. For the first-quarter on a non-GAAP basis, the company expects: revenue of $1.55 billion; and earnings per share of $0.51.

The company also announced its Board authorized a new 2-year stock repurchase program under which the company is authorized to repurchase up to $1 billion of its outstanding common stock during the period from February 13, 2017 through February 12, 2019. The Board approved a repayment of up to $500 million of the company's outstanding debt during 2017, of which $139 million has already been repaid during the first quarter.

The Board also declared a cash dividend of $0.30 per common share, payable on May 10, 2017 to shareholders of record at the close of business on March 30, 2017, which represents a 15% increase from 2016.