Microsoft-Activision Deal Seen Denting Earnings Margin Forecast -- Market Talk

Dow Jones2023-10-24

1440 ET - Microsoft's recently-closed acquisition of Activision-Blizzard is expected to drag on adjusted earnings margins, UBS analysts say in a research note. With Microsoft set to report 1Q results Tuesday, the analysts expect the company to lower its guidance for Ebit margins on a pro forma basis. The tech giant previously guided for flat Ebit margins in fiscal 2024, but the analysts expect Activision to drag down full-year Ebit margins by about 100 basis points. They say that Microsoft will be absorbing more amortization and one-off deal costs in connection with the deal. Shares rise 1.6% to $332.06. (ben.glickman@wsj.com; @benglickman)

(END) Dow Jones Newswires

October 23, 2023 14:40 ET (18:40 GMT)

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