Activision Blizzard quarterly revenues take a dip

Activision Blizzard announced a year-on-year decrease in revenues for its first fiscal quarter ended March 31.

GAAP revenues were $1.83 billion for the quarter, down from $1.97 billion for the same quarter a year ago. Net income was $447 million for the quarter, down from $500 million.

CEO Bobby Kotick said in an earnings release, “We started the year with strong operating discipline and exceeded our prior outlook for the first quarter. We are increasing investment in our biggest franchises to better deliver against our growth potential, and I am pleased with our progress.”

The company’s stock dropped 5 percent to $49.55 at market close, following the earnings announcement.

During the quarter, Activision Blizzard laid off 8 percent of its headcount, or about 800 employees.