"Activision’s flexibility to make long-term investments without compromising near-term results puts us in an enviable position.
"We’re not preoccupied with dramatic restructurings, burdensome investments to develop online game making capabilities, or the significant risks and expenses associated with entering new geographies like China or Korea.
"This gives us an exceptionally deep advantage and is the basis for our industry-leading operating margins today and provides us the ability to expand operating margins in the future.
"Our cultural focus on thrift is driving further cost reductions throughout our business and our incredibly strong balance sheet has enabled us to repurchase more than $650 million worth of shares since we began our repurchase program. Today we announced that our board of directors has authorized an additional $250 million to our buy-back program to $1.25 billion, further illustrating our long-term focus and commitment to providing superior returns to our shareholders.
"I thought it would be useful to remind you of the five key advantages that will enable us to provide superior returns to our shareholders in the future.
"First, our focus on a select number of proven franchises and genres, our strong marketing and sales programs, and our ability to find ways to broaden our franchises through innovative business models, new genres, and new markets.
"Our leading online capability and first mover advantage and access to fast-growing Asian markets, our industry-leading operational capability and the most talented group of employees by far in our sector. And finally, our exceptional balance sheet, which is the result of our continued focus on margin expansion, operational excellence, and rigorous cost control.
"It has taken 18 years to create these competitive advantages but today we are better positioned than any of our competitors to capitalise on the long-term opportunities afforded by our industry and we will continue exploring new market opportunities and business models that should enable us to continue growing our operating margins and delivering long-term value to our shareholders as we have over the last 18 years."