Cfgramos
2021-11-04
Still waiting for Diablo IV…
Activision Blizzard Stock Had Its Worst Day Since 2008. Game Delays Caught Wall Street Off Guard.<blockquote>动视暴雪股价经历了自2008年以来最糟糕的一天。游戏延迟让华尔街措手不及。</blockquote>
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Game Delays Caught Wall Street Off Guard.<blockquote>动视暴雪股价经历了自2008年以来最糟糕的一天。游戏延迟让华尔街措手不及。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1176588625","media":"Barrons","summary":"Activision Blizzard stock had its worst day since November 2008 on Wednesday as Wall Street tempered","content":"<p>Activision Blizzard stock had its worst day since November 2008 on Wednesday as Wall Street tempered expectations for the coming quarters. Delays for games <i>Overwatch 2</i> and <i>Diablo IV</i> caught Wall Street off guard.</p><p><blockquote>由于华尔街降低了对未来几个季度的预期，动视暴雪股价周三创下2008年11月以来最糟糕的一天。游戏延迟<i>守望先锋2</i>和<i>暗黑破坏神4</i>让华尔街措手不及。</blockquote></p><p> The company (ticker: ATVI) joined a swath of videogame firms that have pushed back the release of key titles amid the pandemic. Activision Blizzard said it’s not planning for material contributions from <i>Diablo IV</i> and <i>Overwatch 2</i> in 2022.</p><p><blockquote>该公司（股票代码：ATVI）加入了一系列视频游戏公司的行列，在疫情期间推迟了关键游戏的发布。动视暴雪表示，不打算从<i>暗黑破坏神4</i>和<i>守望先锋2</i>2022年。</blockquote></p><p> Shares of the videogame firm fell about 14%, to $66.75, on Wednesday, the stock’s worst single-day percentage drop since it fell 15.6% on Nov. 14, 2008, according to Dow Jones Market Data. The S&P 500 rose 0.6%, and the Nasdaq rose 1% on Wednesday.</p><p><blockquote>根据道琼斯市场数据，这家视频游戏公司的股价周三下跌约14%，至66.75美元，这是该股自2008年11月14日下跌15.6%以来最大单日百分比跌幅。标普500指数周三上涨0.6%，纳斯达克上涨1%。</blockquote></p><p> Baird analyst Colin Sebastian titled his Wednesday note “Q3 Recap: Should Have Known Better.”</p><p><blockquote>贝尔德分析师科林·塞巴斯蒂安(Colin Sebastian)将他周三的报告标题为“第三季度回顾：应该更清楚”。</blockquote></p><p> “While shares will trade lower embedding the push-out of revenues and earnings, compounding already frayed management credibility, we’d remind investors that it’s not unusual for Blizzard to delay new releases, and that other competing console/PC titles were pushed out at least a year, reflecting work-from-home issues,” Sebastian wrote.</p><p><blockquote>塞巴斯蒂安写道：“虽然由于收入和盈利的推动，股价将走低，加剧了本已受损的管理层信誉，但我们提醒投资者，暴雪推迟新版本的发布并不罕见，其他竞争对手的游戏机/PC游戏也被推出至少一年，反映了在家工作的问题。”</blockquote></p><p> For Activision Blizzard, Sebastian notes that the company is also experiencing internal disruptions following months of headlines and complaints from employees about the firm’s workplace culture.</p><p><blockquote>对于动视暴雪，塞巴斯蒂安指出，在几个月的头条新闻和员工对公司工作场所文化的抱怨之后，该公司也正在经历内部混乱。</blockquote></p><p> Executives said during the company’s earnings call that Jen Oneal, who became Blizzard’s co-leader in August along with Mike Ybarra, plans to depart at the end of the year. The company cited leadership changes when discussing the delays.</p><p><blockquote>高管们在公司财报看涨期权上表示，8月份与Mike Ybarra一起成为暴雪联席领导者的Jen Oneal计划在今年年底离职。该公司在讨论延误时提到了领导层的变动。</blockquote></p><p> Activision Blizzard is responding to employee concerns that were brought to investors’ attention when the California Department of Fair Employment and Housing filed a civil lawsuit in July. The agency alleged that the company “fostered a pervasive ‘frat boy’ workplace culture.” The firm also disclosed that the Securities and Exchange Commission was looking into disclosures related to workplace issues.</p><p><blockquote>动视暴雪正在回应员工的担忧，这些担忧在加州公平就业和住房部7月份提起民事诉讼时引起了投资者的注意。该机构声称，该公司“培养了一种普遍的‘兄弟会男孩’工作场所文化”。该公司还透露，美国证券交易委员会正在调查与工作场所问题相关的披露。</blockquote></p><p> Following an employee walkout, CEO Bobby Kotick recently said he’d cut his salary to the minimum allowed under California law. He also pledged that the company would take actions like investing $250 million toward opportunities for people from under-represented groups and increasing the percentage of women and non-binary people in its workforce by 50% within the next five years.</p><p><blockquote>员工罢工后，首席执行官鲍比·科蒂克最近表示，他已将工资削减至加州法律允许的最低水平。他还承诺，公司将采取行动，例如投资2.5亿美元为代表性不足的群体提供机会，并在未来五年内将女性和非二元性别人群在员工队伍中的比例提高50%。</blockquote></p><p> “Activision Blizzard is currently under investigation regarding accusations of workplace harassment,” Sebastian wrote, when discussing environmental, social, and governance considerations for the stock. “Clearly this will cast a shadow on the company’s social and governance efforts at least for the nearterm.”</p><p><blockquote>塞巴斯蒂安在讨论该股的环境、社会和治理考虑因素时写道：“动视暴雪目前正在接受有关工作场所骚扰指控的调查。”“显然，至少在短期内，这将给公司的社会和治理工作蒙上阴影。”</blockquote></p><p> MKM Partners analyst Eric Handler cut his rating to Neutral from Buy and his price target to $75 from $108 in a note on Wednesday. He pointed to the delays, ongoing personnel turnover, and his belief that not all the bad news is out of the way.</p><p><blockquote>MKM Partners分析师Eric Handler在周三的一份报告中将其评级从买入下调至中性，目标价从108美元下调至75美元。他指出了延误、持续的人员流动，以及他认为并非所有坏消息都已消除。</blockquote></p><p> “With increased uncertainty towards the every-other-year release of a [World of Warcraft] Modern expansion pack and for the various mobile titles currently in development, the 2022 projected growth curve has substantially flattened from our prior view,” Handler wrote.</p><p><blockquote>汉德勒写道：“随着[魔兽世界]现代资料片每隔一年发布一次以及目前正在开发的各种移动游戏的不确定性增加，2022年的预计增长曲线与我们之前的观点相比已基本持平。”</blockquote></p><p> Wedbush analyst Michael Pachter, who cut his price target to $98 from $125 but maintained an Outperform rating, noted that he suspected <i>Overwatch 2</i> could slip into 2023 when the game’s previous director Jeff Kaplan left the company in April.</p><p><blockquote>Wedbush分析师Michael Pachter将目标价从125美元下调至98美元，但维持跑赢大盘评级，他指出，他怀疑<i>守望先锋2</i>当游戏前任总监杰夫·卡普兰(Jeff Kaplan)于4月份离开公司时，情况可能会滑入2023年。</blockquote></p><p> The analyst added that for the sequel, players will compete on teams of five, rather than the six in the current <i>Overwatch</i> game—a change that necessitated an overhaul of how the game is played. Still, comments from developers about the game’s progress as recently as two months ago seemingly signaled to Pachter that the game was on track for a 2022 release.</p><p><blockquote>这位分析师补充说，在续集中，玩家将以五人一组的形式竞争，而不是目前的六人一组<i>守望</i>游戏——一个需要彻底改变游戏玩法的变化。尽管如此，就在两个月前，开发者对游戏进展的评论似乎向帕切特发出了信号，即游戏有望在2022年发布。</blockquote></p><p> “We think that Activision’s multi -channel distribution strategy for its games (premium, mobile, free-to-play and ongoing in-game monetization for premium) will ultimately pay large dividends, but the stock price suggests that investors have tired of waiting,” Pachter wrote.</p><p><blockquote>“我们认为动视暴雪对其游戏的多渠道发行策略（高级版、移动版、免费版和持续的高级版游戏内货币化）最终将带来巨额红利，但股价表明投资者已经厌倦了等待，”帕切特写道。</blockquote></p><p> Oppenheimer analyst Martin Yang cut his target to $85 from $100, noting that game delays are among the least challenging issues the company will face in the next year. He points to a leadership vacuum and concerns about talent retention.</p><p><blockquote>Oppenheimer分析师Martin Yang将目标从100美元下调至85美元，并指出游戏延迟是该公司明年面临的最不具挑战性的问题之一。他指出了领导真空和对人才保留的担忧。</blockquote></p><p> “We believe Blizzard faces the long-term challenges of repairing its brand and attracting new talent, at a time when demand for talent is greater than ever, and funding/infrastructure supporting experienced developers/artists to start their own studios is abundant,” Yang wrote.</p><p><blockquote>“我们认为暴雪面临着修复品牌和吸引新人才的长期挑战，而此时对人才的需求比以往任何时候都大，支持有经验的开发者/艺术家创办自己的工作室的资金/基础设施也很充足，”杨写道。</blockquote></p><p> In the meantime, Yang says investors still have a company with a strong balance sheet and cash flows, and the durable strength of its <i>Call of Duty</i> franchise and its King mobile games segment.</p><p><blockquote>与此同时，杨表示，投资者仍然拥有一家资产负债表和现金流强劲的公司，以及其持久的实力<i>职务看涨期权</i>特许经营及其王者手机游戏细分市场。</blockquote></p><p></p><p> “While Blizzard has major challenges ahead, it is not a lost cause,” Yang wrote.</p><p><blockquote>“虽然暴雪面临重大挑战，但这并不是一个失败的事业，”杨写道。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Activision Blizzard Stock Had Its Worst Day Since 2008. Game Delays Caught Wall Street Off Guard.<blockquote>动视暴雪股价经历了自2008年以来最糟糕的一天。游戏延迟让华尔街措手不及。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nActivision Blizzard Stock Had Its Worst Day Since 2008. Game Delays Caught Wall Street Off Guard.<blockquote>动视暴雪股价经历了自2008年以来最糟糕的一天。游戏延迟让华尔街措手不及。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-11-04 15:15</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Activision Blizzard stock had its worst day since November 2008 on Wednesday as Wall Street tempered expectations for the coming quarters. Delays for games <i>Overwatch 2</i> and <i>Diablo IV</i> caught Wall Street off guard.</p><p><blockquote>由于华尔街降低了对未来几个季度的预期，动视暴雪股价周三创下2008年11月以来最糟糕的一天。游戏延迟<i>守望先锋2</i>和<i>暗黑破坏神4</i>让华尔街措手不及。</blockquote></p><p> The company (ticker: ATVI) joined a swath of videogame firms that have pushed back the release of key titles amid the pandemic. Activision Blizzard said it’s not planning for material contributions from <i>Diablo IV</i> and <i>Overwatch 2</i> in 2022.</p><p><blockquote>该公司（股票代码：ATVI）加入了一系列视频游戏公司的行列，在疫情期间推迟了关键游戏的发布。动视暴雪表示，不打算从<i>暗黑破坏神4</i>和<i>守望先锋2</i>2022年。</blockquote></p><p> Shares of the videogame firm fell about 14%, to $66.75, on Wednesday, the stock’s worst single-day percentage drop since it fell 15.6% on Nov. 14, 2008, according to Dow Jones Market Data. The S&P 500 rose 0.6%, and the Nasdaq rose 1% on Wednesday.</p><p><blockquote>根据道琼斯市场数据，这家视频游戏公司的股价周三下跌约14%，至66.75美元，这是该股自2008年11月14日下跌15.6%以来最大单日百分比跌幅。标普500指数周三上涨0.6%，纳斯达克上涨1%。</blockquote></p><p> Baird analyst Colin Sebastian titled his Wednesday note “Q3 Recap: Should Have Known Better.”</p><p><blockquote>贝尔德分析师科林·塞巴斯蒂安(Colin Sebastian)将他周三的报告标题为“第三季度回顾：应该更清楚”。</blockquote></p><p> “While shares will trade lower embedding the push-out of revenues and earnings, compounding already frayed management credibility, we’d remind investors that it’s not unusual for Blizzard to delay new releases, and that other competing console/PC titles were pushed out at least a year, reflecting work-from-home issues,” Sebastian wrote.</p><p><blockquote>塞巴斯蒂安写道：“虽然由于收入和盈利的推动，股价将走低，加剧了本已受损的管理层信誉，但我们提醒投资者，暴雪推迟新版本的发布并不罕见，其他竞争对手的游戏机/PC游戏也被推出至少一年，反映了在家工作的问题。”</blockquote></p><p> For Activision Blizzard, Sebastian notes that the company is also experiencing internal disruptions following months of headlines and complaints from employees about the firm’s workplace culture.</p><p><blockquote>对于动视暴雪，塞巴斯蒂安指出，在几个月的头条新闻和员工对公司工作场所文化的抱怨之后，该公司也正在经历内部混乱。</blockquote></p><p> Executives said during the company’s earnings call that Jen Oneal, who became Blizzard’s co-leader in August along with Mike Ybarra, plans to depart at the end of the year. The company cited leadership changes when discussing the delays.</p><p><blockquote>高管们在公司财报看涨期权上表示，8月份与Mike Ybarra一起成为暴雪联席领导者的Jen Oneal计划在今年年底离职。该公司在讨论延误时提到了领导层的变动。</blockquote></p><p> Activision Blizzard is responding to employee concerns that were brought to investors’ attention when the California Department of Fair Employment and Housing filed a civil lawsuit in July. The agency alleged that the company “fostered a pervasive ‘frat boy’ workplace culture.” The firm also disclosed that the Securities and Exchange Commission was looking into disclosures related to workplace issues.</p><p><blockquote>动视暴雪正在回应员工的担忧，这些担忧在加州公平就业和住房部7月份提起民事诉讼时引起了投资者的注意。该机构声称，该公司“培养了一种普遍的‘兄弟会男孩’工作场所文化”。该公司还透露，美国证券交易委员会正在调查与工作场所问题相关的披露。</blockquote></p><p> Following an employee walkout, CEO Bobby Kotick recently said he’d cut his salary to the minimum allowed under California law. He also pledged that the company would take actions like investing $250 million toward opportunities for people from under-represented groups and increasing the percentage of women and non-binary people in its workforce by 50% within the next five years.</p><p><blockquote>员工罢工后，首席执行官鲍比·科蒂克最近表示，他已将工资削减至加州法律允许的最低水平。他还承诺，公司将采取行动，例如投资2.5亿美元为代表性不足的群体提供机会，并在未来五年内将女性和非二元性别人群在员工队伍中的比例提高50%。</blockquote></p><p> “Activision Blizzard is currently under investigation regarding accusations of workplace harassment,” Sebastian wrote, when discussing environmental, social, and governance considerations for the stock. “Clearly this will cast a shadow on the company’s social and governance efforts at least for the nearterm.”</p><p><blockquote>塞巴斯蒂安在讨论该股的环境、社会和治理考虑因素时写道：“动视暴雪目前正在接受有关工作场所骚扰指控的调查。”“显然，至少在短期内，这将给公司的社会和治理工作蒙上阴影。”</blockquote></p><p> MKM Partners analyst Eric Handler cut his rating to Neutral from Buy and his price target to $75 from $108 in a note on Wednesday. He pointed to the delays, ongoing personnel turnover, and his belief that not all the bad news is out of the way.</p><p><blockquote>MKM Partners分析师Eric Handler在周三的一份报告中将其评级从买入下调至中性，目标价从108美元下调至75美元。他指出了延误、持续的人员流动，以及他认为并非所有坏消息都已消除。</blockquote></p><p> “With increased uncertainty towards the every-other-year release of a [World of Warcraft] Modern expansion pack and for the various mobile titles currently in development, the 2022 projected growth curve has substantially flattened from our prior view,” Handler wrote.</p><p><blockquote>汉德勒写道：“随着[魔兽世界]现代资料片每隔一年发布一次以及目前正在开发的各种移动游戏的不确定性增加，2022年的预计增长曲线与我们之前的观点相比已基本持平。”</blockquote></p><p> Wedbush analyst Michael Pachter, who cut his price target to $98 from $125 but maintained an Outperform rating, noted that he suspected <i>Overwatch 2</i> could slip into 2023 when the game’s previous director Jeff Kaplan left the company in April.</p><p><blockquote>Wedbush分析师Michael Pachter将目标价从125美元下调至98美元，但维持跑赢大盘评级，他指出，他怀疑<i>守望先锋2</i>当游戏前任总监杰夫·卡普兰(Jeff Kaplan)于4月份离开公司时，情况可能会滑入2023年。</blockquote></p><p> The analyst added that for the sequel, players will compete on teams of five, rather than the six in the current <i>Overwatch</i> game—a change that necessitated an overhaul of how the game is played. Still, comments from developers about the game’s progress as recently as two months ago seemingly signaled to Pachter that the game was on track for a 2022 release.</p><p><blockquote>这位分析师补充说，在续集中，玩家将以五人一组的形式竞争，而不是目前的六人一组<i>守望</i>游戏——一个需要彻底改变游戏玩法的变化。尽管如此，就在两个月前，开发者对游戏进展的评论似乎向帕切特发出了信号，即游戏有望在2022年发布。</blockquote></p><p> “We think that Activision’s multi -channel distribution strategy for its games (premium, mobile, free-to-play and ongoing in-game monetization for premium) will ultimately pay large dividends, but the stock price suggests that investors have tired of waiting,” Pachter wrote.</p><p><blockquote>“我们认为动视暴雪对其游戏的多渠道发行策略（高级版、移动版、免费版和持续的高级版游戏内货币化）最终将带来巨额红利，但股价表明投资者已经厌倦了等待，”帕切特写道。</blockquote></p><p> Oppenheimer analyst Martin Yang cut his target to $85 from $100, noting that game delays are among the least challenging issues the company will face in the next year. He points to a leadership vacuum and concerns about talent retention.</p><p><blockquote>Oppenheimer分析师Martin Yang将目标从100美元下调至85美元，并指出游戏延迟是该公司明年面临的最不具挑战性的问题之一。他指出了领导真空和对人才保留的担忧。</blockquote></p><p> “We believe Blizzard faces the long-term challenges of repairing its brand and attracting new talent, at a time when demand for talent is greater than ever, and funding/infrastructure supporting experienced developers/artists to start their own studios is abundant,” Yang wrote.</p><p><blockquote>“我们认为暴雪面临着修复品牌和吸引新人才的长期挑战，而此时对人才的需求比以往任何时候都大，支持有经验的开发者/艺术家创办自己的工作室的资金/基础设施也很充足，”杨写道。</blockquote></p><p> In the meantime, Yang says investors still have a company with a strong balance sheet and cash flows, and the durable strength of its <i>Call of Duty</i> franchise and its King mobile games segment.</p><p><blockquote>与此同时，杨表示，投资者仍然拥有一家资产负债表和现金流强劲的公司，以及其持久的实力<i>职务看涨期权</i>特许经营及其王者手机游戏细分市场。</blockquote></p><p></p><p> “While Blizzard has major challenges ahead, it is not a lost cause,” Yang wrote.</p><p><blockquote>“虽然暴雪面临重大挑战，但这并不是一个失败的事业，”杨写道。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/activision-blizzard-stock-worst-day-game-delays-51635971518?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ATVI":"动视暴雪"},"source_url":"https://www.barrons.com/articles/activision-blizzard-stock-worst-day-game-delays-51635971518?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176588625","content_text":"Activision Blizzard stock had its worst day since November 2008 on Wednesday as Wall Street tempered expectations for the coming quarters. Delays for games Overwatch 2 and Diablo IV caught Wall Street off guard.\nThe company (ticker: ATVI) joined a swath of videogame firms that have pushed back the release of key titles amid the pandemic. Activision Blizzard said it’s not planning for material contributions from Diablo IV and Overwatch 2 in 2022.\nShares of the videogame firm fell about 14%, to $66.75, on Wednesday, the stock’s worst single-day percentage drop since it fell 15.6% on Nov. 14, 2008, according to Dow Jones Market Data. The S&P 500 rose 0.6%, and the Nasdaq rose 1% on Wednesday.\nBaird analyst Colin Sebastian titled his Wednesday note “Q3 Recap: Should Have Known Better.”\n“While shares will trade lower embedding the push-out of revenues and earnings, compounding already frayed management credibility, we’d remind investors that it’s not unusual for Blizzard to delay new releases, and that other competing console/PC titles were pushed out at least a year, reflecting work-from-home issues,” Sebastian wrote.\nFor Activision Blizzard, Sebastian notes that the company is also experiencing internal disruptions following months of headlines and complaints from employees about the firm’s workplace culture.\nExecutives said during the company’s earnings call that Jen Oneal, who became Blizzard’s co-leader in August along with Mike Ybarra, plans to depart at the end of the year. The company cited leadership changes when discussing the delays.\nActivision Blizzard is responding to employee concerns that were brought to investors’ attention when the California Department of Fair Employment and Housing filed a civil lawsuit in July. The agency alleged that the company “fostered a pervasive ‘frat boy’ workplace culture.” The firm also disclosed that the Securities and Exchange Commission was looking into disclosures related to workplace issues.\nFollowing an employee walkout, CEO Bobby Kotick recently said he’d cut his salary to the minimum allowed under California law. He also pledged that the company would take actions like investing $250 million toward opportunities for people from under-represented groups and increasing the percentage of women and non-binary people in its workforce by 50% within the next five years.\n“Activision Blizzard is currently under investigation regarding accusations of workplace harassment,” Sebastian wrote, when discussing environmental, social, and governance considerations for the stock. “Clearly this will cast a shadow on the company’s social and governance efforts at least for the nearterm.”\nMKM Partners analyst Eric Handler cut his rating to Neutral from Buy and his price target to $75 from $108 in a note on Wednesday. He pointed to the delays, ongoing personnel turnover, and his belief that not all the bad news is out of the way.\n“With increased uncertainty towards the every-other-year release of a [World of Warcraft] Modern expansion pack and for the various mobile titles currently in development, the 2022 projected growth curve has substantially flattened from our prior view,” Handler wrote.\nWedbush analyst Michael Pachter, who cut his price target to $98 from $125 but maintained an Outperform rating, noted that he suspected Overwatch 2 could slip into 2023 when the game’s previous director Jeff Kaplan left the company in April.\nThe analyst added that for the sequel, players will compete on teams of five, rather than the six in the current Overwatch game—a change that necessitated an overhaul of how the game is played. Still, comments from developers about the game’s progress as recently as two months ago seemingly signaled to Pachter that the game was on track for a 2022 release.\n“We think that Activision’s multi -channel distribution strategy for its games (premium, mobile, free-to-play and ongoing in-game monetization for premium) will ultimately pay large dividends, but the stock price suggests that investors have tired of waiting,” Pachter wrote.\nOppenheimer analyst Martin Yang cut his target to $85 from $100, noting that game delays are among the least challenging issues the company will face in the next year. He points to a leadership vacuum and concerns about talent retention.\n“We believe Blizzard faces the long-term challenges of repairing its brand and attracting new talent, at a time when demand for talent is greater than ever, and funding/infrastructure supporting experienced developers/artists to start their own studios is abundant,” Yang wrote.\nIn the meantime, Yang says investors still have a company with a strong balance sheet and cash flows, and the durable strength of its Call of Duty franchise and its King mobile games segment.\n“While Blizzard has major challenges ahead, it is not a lost cause,” Yang wrote.","news_type":1,"symbols_score_info":{"ATVI":0.9}},"isVote":1,"tweetType":1,"viewCount":3778,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":24,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/848531590"}
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