By Kimberly Chin

Activision Blizzard Inc. raised its financial targets for the year, as sales continued to climb in the third quarter due to demand for entertainment options and social connections amid the ongoing pandemic.

The videogame company raised its full-year revenue forecast to $7.68 billion from its prior outlook of $7.28 billion. Analysts surveyed by FactSet were projecting $7.83 billion in sales for the year.

Activision now expects earnings around $2.61 a share and $3.08 a share on an adjusted basis. In August, it projected per-share earnings of $2.46 and $2.87 on an adjusted basis. Analysts forecast full-year adjusted earnings of $3.30 a share.

For the current quarter, Activision expects revenue to be around $2 billion. It projects fourth-quarter earnings around 44 cents a share and adjusted earnings around 63 cents a share.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

October 29, 2020 16:19 ET (20:19 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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