Vivendi storms markets with all guns blazing
Nick Clark is the arts correspondent of The Independent. He joined the newspaper in June 2007, initially reporting on the stock markets. He has covered beats including the City, and technology, media and telecoms and made the switch to arts in December 2011. He has also contributed articles to the sports section.
Thursday 17 November 2011
French group Vivendi beat profit expectations in the third quarter, largely thanks to its computer game operation.
Vivendi owns about 60 per cent of Activision Blizzard, the developer behind Call of Duty: Modern Warfare 3, which sold a record $400m (£253m) worth of games on its opening day in the US and the UK. Call of Duty did not feature in the results as the launch came after the close, but Vivendi's adjusted net profit was €685m (£434m), beating consensus forecasts of €557m.
The group said games including Skylanders: Spyro's Adventures had helped to bolster its results as underlying earnings rose 38 per cent. Vivendi, which last week bought EMI's recorded music division in a £1.2bn deal, sold a 3 per cent stake in Activision for $427m.
After Call of Duty's launch the division raised its full-year outlook, predicting that earnings would hit €850m. Vivendi also pointed to a strong performance from its Brazilian operation GVT, which grew by almost half to more than €1bn during the first nine months of the year. On the downside, Vivendi said it would be hit by new tax rules in France to the tune of €350m in 2011.
- 1 Hair loss explained: How and why men go bald
- 2 Game of Thrones season 6: Jon Snow theorists believe the Stark may have a twin sister
- 3 Artist takes LSD, draws herself over different stages of the 9-hour trip to show its effects
- 4 A pint of water every day is the key to losing weight, scientists say
- 5 Russia 'accidentally reveals' number of its soldiers killed in eastern Ukraine
Most expensive city to live in for expatriates: Luanda, Angola takes number one spot with Hong Kong and Zurich in top three
Video of Irish 'professional boxer' fighting Istanbul neighbourhood goes viral in Turkey
Irish tourist filmed fighting with shopkeepers in Turkey says they 'messed with the wrong man'
House of Lords: Outcry as donors, fixers and MPs caught up in expenses scandal get peerages
Moody neurotics are more likely to be creative geniuses, study says
Dresden riots: Protesters in Germany attack refugee buses shouting 'foreigners out'
France train shooting: US soldiers speak of the moment they stopped gunman and 'beat him until he was unconscious'
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith calls for urgent ESA overhaul as part of drive to cut down welfare costs
iJobs Money & Business
£20000 - £25000 per annum + competitive + incentives + uncapped comms: SThree:...
£13000 - £25000 per annum: Recruitment Genius: Would you like to be part of a ...
£20000 - £25000 per annum + competitive: SThree: Are you passionate about sale...
£25000 per annum + benefits: Ashdown Group: A large financial services company...