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Activision Blizzard shares suddenly fell 5 percent early Thursday afternoon before trading was halted.
The stock resumed trading around 3:30 p.m. ET and initially spiked more than 1 percent, but subsequently dropped 2 percent.
At 1:05 p.m. ET, Dow Jones ran a few headlines about the gaming company’s earnings. The stock initially popped before turning lower. Trading was halted for news at 2:14 p.m. when the company and traders realized that for some reason, the earnings were released ahead of their scheduled time.
An Activision spokesperson said Dow Jones released the information early, and the news wire confirmed to CNBC it did “inadvertently” break an embargo on the news.
At 3:03 p.m., while trading was still halted, Activision Blizzard officially reported adjusted earnings of 38 cents a share, topping expectations of 35 cents. First quarter revenue of $1.38 billion also beat the $1.32 billion estimate.
However, second-quarter guidance disappointed. The company said it expects to report earnings per share of 31 cents, versus a 47 cent estimate, on revenue of $1.35 billion, below the expected $1.45 billion.
Activision Blizzard shares drop before being halted
Source: FactSet
“As we look ahead, our innovative core gaming pipeline, as well as initiatives like mobile, esports, and advertising, will continue to drive growth for our business,” Activision CEO Bobby Kotick said in a release.
The company also announced it will pay shareholders a dividend of 34 cents a share.
The Dow Jones headlines said Activision posted earnings per share of 65 cents in the first quarter, and a “net” figure of $500 million. The news wire later revised its initial headline on revenue higher to $1.965 billion.
Shares of competitors Take-Two Interactive and Electronic Arts spiked more than 5.5 and nearly 4 percent in afternoon trading, respectively. The two companies are scheduled to report quarterly results in the next two weeks.
This story is developing. Please check back for updates.
— CNBC’s Julia Boorstin and Christine Wang contributed to this report.
