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Activision Q2 Revenue, Income Hit Record Levels

In stark contrast to Midway's disappointing results yesteday, Activision announced record financial results for Q2, posting revenues of $169.2 million, a jump of 21% over last year.
Net income reached $9.1 million (13 cents per share), compared with net income of $2.2 million (4 cents per share) last year. The company cited Medieval: Total War as its new strong seller, amid the 14 new SKUs that were released during the quarter. It also said that its Spider-Man games continued to sell well. The company raised it fiscal year 2003 revenue guidance from $920 million to $934 million, and lifted its earnings per share guidance from $1.25 to $1.29. Bobby Kotick, Chairman and CEO, said, "Our record results for the second quarter and the first half of the fiscal year were the highest in the company's history... We expect that during calendar year 2002, the U.S. and European video game software market, which includes console, hand-held and PC platforms, will grow between 18% and 20%...". Looking forward, the company has reason to be optimistic. Major releases in the current quarter include Tony Hawk's Pro Skater 4, Minority Report, and X-Men: Next Dimension.

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