Activision Beats By a Mile

Activision (ATVI) this afternoon reported astonishingly strong results for its fiscal fourth quarter ended March. Analysts weren't even close.

For the quarter, Activision posted revenue of $602.5 million, obliterating the Street consensus of $369.1 million; apparently everyone on Earth is now playing Guitar Hero. Non-GAAP EPS in the quarter was 17 cents a share, more than triple the Street consensus of five cents. The company said the quarter was the most profitable non-holiday period in the company’s history, despite the fact that it released no new game titles.

For the June quarter, the company sees revenue of $500 million and non-GAAP profits of 13 cents a share; the Street has been looking for $484.3 million and 12 cents.

For the March 2009 fiscal year, Activision sees non-GAAP revenue of $3.1 million with non-GAAP profits of $1.30, ahead of the Street view of $2.82 billion and $1.18.

The company also noted that starting in the December quarter, the company will recognize revenue and costs over time for some key games, to reflect the important of online functionality in key products. The company expects to recognize the revenues over a six-month period after sale.

In after hours trading, ATVI is up 86 cents, or 3.1%, to $28.56.