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Activision Blizzard’s Revenue and Profit Forecasts Surge Due to ‘Overwatch’

Crowd waits for video presentation at the Activision booth during the 2014 Electronic Entertainment Expo, known as E3, in Los AngelesCrowd waits for video presentation at the Activision booth during the 2014 Electronic Entertainment Expo, known as E3, in Los Angeles

Activision Blizzard raised its full-year adjusted revenue and profit forecasts for the second time on Thursday, as the video game publisher benefits from higher digital sales and the popularity of its multi-player futuristic game Overwatch.

The company raised its full-year adjusted profit to $2 per share from $1.88 per share and its adjusted revenue forecast to $6.58 billion from $6.33 billion.

Analysts on average were expecting a profit of $2.02 per share and revenue of $6.54 billion, according to Thomson Reuters I/B/E/S.

Activision also forecast current-quarter adjusted revenue of $1.70 billion, above analysts’ average estimate of $1.65 billion.

The company expects to release its highly-anticipated Destiny 2 on Sept. 6 for consoles. Activision said on Thursday pre-orders for Destiny 2 are now above the 2014 game.

Activision’s results cap a strong quarter for video game makers including rivals Electronic Arts (EA) and Take Two Interactive (TTWO), despite not launching a major game in the period.

Activision (ATVI) said on Thursday it delivered nearly $1 billion of in-game revenues in the quarter.

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The company’s net income rose to $243 million, or 32 cents per share, in the second-quarter ended June 30 from $151 million, or 20 cents per share, a year earlier.

Revenue from the company’s high-margin digital business rose 14.7% to $1.31 billion, underscoring the shift among players to buy and download games online.

Activision’s total adjusted revenue fell 11.9% to $1.42 billion, from $1.61 billion a year earlier.

Analysts on average had expected revenue of $1.23 billion.

In the year-earlier period, the company benefited from the launch of Overwatch in May 2016, as well as its acquisition of Candy Crush maker King Digital for nearly $6 billion.