Vivendi has released its quarterly earnings for the first quarter of 2009 and the numbers look promising as the company has experienced large growth and has a strong outlook on the future. Part of the success for Vivendi's high numbers can be attributed to the huge success of World of Warcraft as Activision/Blizzard reported stronger than expected earnings despite the economic crisis of the global economy.

Activision Blizzard3 reported better than expected results driven by strong global consumer response to the
Call of Duty and Guitar Hero franchises and Blizzard Entertainment’s World of Warcraft despite challenging
economic times. Call of Duty and Guitar Hero remained two of the top-five best-selling franchises in the
U.S. and Europe. World of Warcraft®: Wrath of the Lich King™ remained the #1 PC game in dollars in the U.S.

for the quarter, according to The NPD Group. Additionally, Activision Blizzard had two of the top-five bestselling
titles across all platforms in the U.S. and Europe.

In IFRS, Activision Blizzard’s revenues were €731 million and EBITA was €178 million. These reported
results include notably the positive impact of the change in deferred net revenues and the related cost of
sales which resulted in a €124 million ($165 million) increase in EBITA, partially offset by non-recurring
costs resulting from the combination of Activision and Vivendi Games (€10 million) and restructuring

charges (€13 million).

On a non-GAAP comparable basis4, Activision Blizzard’s net revenues were $724 million exceeding the non-GAAP comparable basis outlook of $550 million. Non-GAAP comparable basis operating income of core
operations was $119 million and included incremental investments made by Blizzard Entertainment for
product development and customer service initiatives.

For calendar 2009, Activision Blizzard has raised its outlook for U.S. GAAP net revenues to $4.3 billion, and
U.S. GAAP earnings per diluted share of $0.24. On a non-GAAP comparable basis, the company now
expects net revenues of $4.8 billion and non-GAAP comparable earnings per diluted share are expected to
be $0.63.

As of March 31, 2009, Activision Blizzard had purchased $439 million, or approximately 45 million shares,
of common stock under its $1 billion stock repurchase program. At this date, Vivendi had a 56% non-diluted
ownership interest in Activision Blizzard.

• You can read the full press release here.
• Discuss Vivendi's shiny outlook on our forums.